Help me understand this finance problem The Utah Mining Corp

Help me understand this finance problem The Utah Mining Corporation is set to open a gold mine near Provo, Utah.According to the treasurer, Monty Goldstein, “This is a goldenopportunity.” The mine will cost $2,900,000 to open and will have aneconomic life of 11 years. It will generate a cash inflow of $395,000 atthe end of the first year, and the cash inflows are projected to growat 8 percent per year for the next 10 years. After 11 years, the minewill be abandoned. Abandonment costs will be $450,000 at the end of year11. What is the IRR for the gold mine?


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