You own two iron ore mines in Newman, Western Australia. They are expected to produce 6,000 tonnes next year in total, but production is declining by 6 percent every year after that. Fortunately, you have a contract fixing the selling price at $120 per tonne for the next 10 years. What is the present value of the revenues from the mines during the remaining life of the contract? Assume a discount rate of 8% p.a. compounding annually.

a) $7,233,447

b) $3,859,802

c) $5,436,665

d) $4,170,885

e) $6,137,676