Consider the value of mineral rights on land. The owner reaps the benefits in the amount\ of $500 per year. Discount rate is 4%. Create the diagram that shows on the horizonal axis\ the number of years until minerals are exhausted, and the present value of mineral rights\ on the vertical axis.\ To do this, consider time-to-exhaustion to be 1 year to 1000 years, in 1-year increments.\ In Excel, set up years 1 to 1000 in the first 1000 rows. In each row calculate the present\ value based on the assumption that minerals will be exhausted after that many years. For\ example, in row 10, calculate the present value under the assumption that the owner will\ reap $500 for 10 years.\ a) Please draw the diagram. What do you conclude from the shape of that curve?\ b) Based on your findings, can you make a guess, what would be the value of mineral\ rights if the minerals were renewable, rather than non-renewable asset, i.e. if the owner\ would forever earn $500 each year?