2. A gold mine was purchased for $10 million. It has an anticipated gross income of $5.0 million per year for years 1 to 5 and $3.0 million per year after year 5 Assume that depletion charges do not exceed 50% of taxable income. Compute annual depletion amounts for the mine. (a) How long will it take to recover the initial investment at-0%? (% depletion 15%) (b) What is the total gross income until the mine is totally depleted? (20 PTS) 2. A gold mine was purchased for $10 million. It has an anticipated gross income of $5.0 million per year for years 1 to 5 and $3.0 million per year after year 5 Assume that depletion charges do not exceed 50% of taxable income. Compute annual depletion amounts for the mine. (a) How long will it take to recover the initial investment at-0%? (% depletion 15%) (b) What is the total gross income until the mine is totally depleted? (20 PTS)