4) A gold mine is projected to produce $30,000 during its first year of operation, $28,000 the second year, $26,000 the third year, and so on. If the mine is expected to produce for a total of 10 years, and the effective annual interest rate is 4%, its present worth is nearest to a) $311,000 b) $280,000 c) $188,000 d) $176,000