Highland Mining and Minerals Company is considering the

purchase of two gold mines. Only one investment will be made.

The Australian gold mine will cost $$1,648,000$ and will produce

$$325,000$ per year in years $5$ through $15$ and $$523,000$ per year

in years $16$ through $25.$ The U$.$S$.$ gold mine will cost $$2,047,000$

and will produce $$253,000$ per year for the next $25$ years. The

cost of capital is $11$ percent. Use Appendix D for an approximate

answer but calculate your final answers using the formula and

financial calculator methods. $($Note: In looking up present value

factors for this problem, you need to work with the concept of a

deferred annuity for the Australian mine. The returns in years $5$

through $15$ actually represent $11$ years; the returns in years $16$

through $25$ represent $10$ years.$)$

a$-1.$ Calculate the net present value for each project.

Note: Do not round intermediate calculations and round your

answers to $2$ decimal places.