Renfree Mines, Inc., owns the mining rights to a large tract of land in a mountainous area. The tract contains a mineral deposit that the company believes might be commercially attractive to mine and sell. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with opening and operating a mine in the area: 860,000 Cost of equipment required Annual net cash receipts $255,000 200,000 Working capital required $ Cost of road repairs in nine years $ 61,000 Salvage value of equipment in ten 200,000 $ years "Receipts from sales of ore, less out-of-pocket costs for salaries, utilities, insurance, and so forth. The mineral deposit would be exhausted after ten years of mining. At that point, the working capital would be released for reinvestment elsewhere. The company's required rate of return is 15%. (Ignore income taxes.) Click here to view Exhibit 148-1 and Exhibit 148 2. to determine the appropriate discount factor(s) using tables. Required: a. Determine the net present value of the proposed mining project.(Any cash outflows should be indicated by a minus sign. Round discount factor(s) to 3 decimal places.) > 10 200.000 0.247 49,440 10 200.000 0 247 49,440 S 301,332 b. Should the project be accepted? No Yes 7 of 15 Nex