$8$ China Gold Corp is planning to open a project. The cost to

$($paid at the end of the first year$),$ and the mine should bring cash inflows of $$400,000$ over

the next six years $($years $2$ to $7).$ The cost to close down the mine over the following year

$($year $8)$ will be $$250,000.$

The minimum price for this property, assuming that China Gold Corp wishes to sell it now,

given a $15\%$ required rate of return, is closest to:

$n=15\%$