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Please show work in excel. I am having a hard time understanding IRR and need to see the formulas The Utah Mining Corporation is set

Please show work in excel. I am having a hard time understanding IRR and need to see the formulas

The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, This is a golden opportunity. The mine will cost $2,400,000 to open and will have an economic life of 11 years. It will generate a cash inflow of $345,000 at the end of the first year, and the cash inflows are projected to grow at 8 percent per year for the next 10 years. After 11 years, the mine will be abandoned. Abandonment costs will be $400,000 at the end of year 11.

a.

What is the IRR for the gold mine?(Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

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