Please provide detailed solution, with step by step. Preferentially done on a pa

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Please provide detailed solution, with step by step. Preferentially done on a paper and scanned

The capital cost of opening a mine is $200 million. This mine yields $20 million per year for 15 years and at the end of that period requires expenditure of $5 million in environmental restoration. (Assume that revenue from the mine begins at the same time that the opening costs are incurred.) The annual discount factor is rho. (i) Using the formula Sigma t=0 to n rho^t = 1=rho^n+1/1-rho find an equation that determines the minimal discount factor, above which it is economically profitable to open the mine. (No calculations are necessary.)

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