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4) After discovering a new gold vein in the Colorado Mountains, CTC Mining Corp. must decide whether to mine the deposit. The most cost-effective method of mining gold is sulfuric acid extraction, a process that results in environmental damage. To go ahead with the extraction, CTC must spend $900,000 for new mining equipment and pay $165,000 for the installation. The gold mined will net the firm an estimated $350,000 cach year over the 5-year life of the vein. CTC's cost of capital is 14%. For purposes of this problem, assume that the cash inflows occur at the end of the year.What are the NPV and IRR of this project?If CTC expects to be fined $1 million by the government for environmental damage 11 years after the mine is closed, what is the NPV? a) $136,578, 19.22%; $13,686