CHAPTER CASE Bullock Gold Mining Bullock, the owner of Bullock Gold Mining, is eval- a new gold mine in South Dakota. Dan Dority, eth Alma has used the estimates provided by Dan to determine the revenues that could be expected from he company's geologist, has just finished his analysis of the mine. She has also projected the expense of open- the mine site. He has estimated that the mine would be ing the mine and the annual operating expenses. If the f which the gold would be company opens the mine, it will cost $650 million productive for eight years, after today. completely mined. Dan has taken an estimate of the gold deposits to Alma the new mine and prese whether the company should open the new mine. and it will have a cash outflow of $72 million nine years in costs associated with closing the mine and expected cash flows each year from the mine are shown in the table on this page. Bullock Gold Mining has a 12 percent required has been asked by Seth to perform an analysis of reclaiming the area surrounding it. The nt her recommendation on return on all of its gold mines. Year Cash Flow -$650,000.000 80,000,000 121,000,000 162,000,000 221,000,000 210,000,000 154,000,000 108,000,000 86,000,000 72,000,000 QUESTIONS 3. Bonus question: Most spreadsheets do not have a built-in formula to calculate the payback period. Write a VBA script that calculates the payback pe- riod for a project