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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 $600,000 to open and will have an economic life of 11 years. It will,generate a cash inflow of $100,000 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 $50,000 at the end of year 11.,,(A) What is the IRR for the gold mine?,(B) The Utah Mining Corporation requires a 10 percent return on such undertakings.,Should the mine be opened?