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 $

$4$

$,$

$000$

$,$

$000$

$$to open and will have an economic life of

$11$

$$years$.$ It will generate a cash inflow of $

$505$

$,$

$000$

$$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 $

$560$

$,$

$000$

$$at the end of year

What is the IRR for the gold mine?