Caan purchased the Stokes Mine for $60 million.The mine was estimated to contain 6 million tons of anthracite coal and to have a residual value of $12 million.During the first year of mining operations of the Stokes Mine,800,000 tons of anthracite were mined of which 600,000 tons was sold. 
Definitions:
Compounded Monthly
A method of calculating interest in which the accrued interest is added to the principal at the end of each month, leading to interest on interest in subsequent months.
Mortgage
A loan provided by a lender or a bank that enables an individual to purchase a home or real estate, using the property itself as collateral.
Retirement Savings
Retirement savings are funds that individuals set aside during their working years to support themselves financially during retirement, often utilizing accounts like 401(k)s or IRAs.
Compounded Monthly
This refers to the technique of computing interest monthly by taking into account not just the initial amount invested but also the interest that has been accrued in earlier periods.
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