Gold has been found in the Dublin Mountains and Company X is considering the purchase of the gold mine in order to service this asset. Company X forecasts the following cashflows will arise in relation to the 20-year business project as a whole: - An initial purchase of the gold mine for a price of €P ; - An initial expense of €900,000 incurred continuously over the first 12 months; - Ongoing regular expenses of €300,000 p.a. incurred monthly in advance over the full term of the project excluding the first year; - Regular income received each year excluding the first two years as follows: i. Initially the income will be received continuously and will grow linearly from the rate of €0 p.a. to the rate of €4 million p.a. from the start of year 3 until the end of year 10; ii. From Year 11 income will again be received continuously, however now the rate of income payment will be constant throughout each individual year. Income will be received at the annual rate of €4 million during year 11 and the annual rate of income received will decrease by €400,000 in each subsequent year. Thus, income in the final year of the project will be received continuously at the rate of €400,000 and the project will cease at the end of that year and have no further value. Calculate the initial purchase price P that would render an annual Internal Rate of Return of 15% for Company X on the business project.