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exhibit 14b-1

exhibit 14b-2

Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a minerai deposit on land to which the company has mineral rights. The company estimated the following cash flows related to opening and operating a mine in the area: "Receipts from sales of ore, less out-of-pocket costs for salaries, utilities, insurance, and so forth. The mineral deposit would be exhausted after four years of mining. At that point, the working capital would be released for relnvestment elsewhere. The company's required rate of return is 20%. Click here to view and to determine the appropriate discount factor(s) using tables. Required: a. What is the net present value of the proposed mining project? b. Should the project be accepted? Complete this question by entering your answers in the tabs below. What is the net present value of the proposed mining project? Note: Enter negative amount with a minus sign. Round your final answer to the nearest whole dollar amount. HIBrT 148-1 EXHIB 148-2 Present Value of an Annuity of $1 in Arrears; {11(1+r)21