3) Apex Silver Mines is considering whether to buy a new electrolytic refiner. The refiner costs $150,000, and will be depreciated using double declining-balance depreciation over its lifetime of seven years. The equipment is expected to generate $75,000 in increased silver production per year, in current dollars, and the company's tax rate is 40%. The company expects that silver prices will increase at an annual rate of 7%, while the general rate of inflation of other goods and services in the economy is estimated at 10% (a) Determine the before-tax cash flows for this investment for years 0 through 7, not considering inflation. ased silver prices. (b) Now, adjust the before-tax cash flows in years 1 through 7 to reflect (Note that these cash flows will be in nominal dollars.) (c) Compute the after-tax cash flows, and deflate them to show the after-tax cash flows in dollars of constant purchasing power. (d) Apex has stated that it wishes to earn a minimum acceptable rate of return of 20% after taxes, in real (constant) dollars. Under this criterion, is the new refiner a good investment