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Robin Jackson, the owner of Galaxy Mining, is evaluating a new gold mine in North China. Robert Wilson, the company's geologist, has just finished his analysis of the mine site. He has estimated that the mine would be productive for eight years, after which the gold would be completely mined. Robert has taken an estimate of the gold deposits to Sharon Garrett, the company's financial officer. Sharon has been asked by Robin to perform an analysis of the new mine and present her recommendation on whether the company should open the new mine. Sharon has used the estimates provided by Robert to determine the revenues that could be expected from the mine. She has also projected the expense of opening the mine and the annual operating expenses. If the company opens the mine, it will cost $600 million today and it will have a cash outflow of $95 million nine years from today in costs associated with closing the mining and reclaiming the area surrounding it. The plant has projected net income of $1.5 million for the first four years, $2 million in year 5 and 6,$2.5 million in year 7 to 9 . The average book value for the plant is $60 million. The expected cash flows each year from the mine are shown in the table. Galaxy Mining has a 12% required return on all its gold mines. a) Critically evaluate the appraisal method of the proposed mine as mentioned below. i. Net present value ii. Payback period iii. Internal rate return (IRR) iv. Profitability Index v. Average Accounting Return (AAR) vi. Modified Internal Rate Return (MIRR) (30 marks)