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Problem 7: Central Africa Mining Corporation (CAMC) is considering reopening a copper mine in northern Zambia. The following data was obtained for the two options

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Problem 7: Central Africa Mining Corporation (CAMC) is considering reopening a copper mine in northern Zambia. The following data was obtained for the two options that CAMC can employ to extract the copper: Open Cast Deep Mine Cash Flow Millions Cash Flow E Millions Year -060 +420 +040 +550 30 C15 120 +40 +070 90 50 30 Both options have substantial cash flows at the end of year 5. since machinery has to be decommissioned and land must be returned to 'green field' status. The company's cost of capital is 10%. The newly appointed financial director of CAMC has decided to replace IRR with MIRR for investment appraisals within CAMC. Calculate modified internal rate of return for open cast and deep mine methods

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