6 Highland Mining and Minerals Co. is considering the purchase of two gold mines. Only one investment will be made. The Australian gold mine will cost $1623,000 and will produce $330,000 per year in years 5 through 15 and $543,000 per year in years 16 through 25 The US gold mine will cost $2.096,000 and will produce $280,000 per year for the next 25 years. The cost of capital is 12 percent Use Appendix D for an approximate answer but calculate your final answers using the formula and financial calculator methods (Note In looking up present value factors for this problem, you need to work with the concept of a deferred annuity for the Australian mine. The returns in years 5 through 15 actually represent 11 years, the returns in years 16 through 25 represent 10 years) 1. Calculate the net present value for each project (Do not round intermediate calculations and round your answers to 2 decimal places) Net Present Value The Australian mine The US