Scenario for Questions 25-30: Buckingham, Inc. owns the development rights to a large piece of undeveloped land. The company believes there are diamond and other jewel deposits within the land, which they wish to mine and sell. An engineering and cost analysis has been made and it is expected that the following cash flows will be associated with mining jewels in the area: Cost of equipment required $1,250,000 Net annual cash receipts* $950,000 Cost of repairs in three years $269,000 Salvage value of equipment in six years $300,000 *Receipts from sale of jewels less out of pocket costs for salaries, utilities, insurance etc. Buckingham, Inc. estimates that the jewel deposit will be exhausted after six years of mining. The company's required rate of return is 12%. a) What is cash flow at the beginning of the project? b) What is cash flow at the end of Year 1? c) What is cash flow at the end of Year 3? d) What is cash flow at the end of Year 6? e) Determine the NPV of the proposed mining project. f) Should Buckingham, Inc. accept the project