Costs and production are in thousands. Production is in tons. Royalties are 12.5% of gross revenue Liquidation value at year 5 is $0

Year	0	1	2	3	4	5
Production		150	120	65	55	30
Mine Development	7,000	2,000
Mining Equipment	0	7,200
Mineral Acquisition	1,500
Operating Costs		1,900	1,100	650	450	200
Selling Price, $/ton		75	75	75	75	75

5a)Calculate the annual before -tax cash flows for years 0-5. 5b)Determine the project ROR, NPV and PVR for a minimum rate of return of %12.