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Answer B:
Major uncertainties and their effect on the charge per ton could include the following.
 Estimate of the cost in today's dollars for the reclamation. Since the reclamation will not be done for 15 years, there is considerable uncertainty. The technology could change, resulting in higher or lower cost. The law or associated regulations could also change.
 Rate of escalation of the reclamation cost. Future cost increase levels are difficult to project.
 Estimated earnings level of the fund. The 15-year horizon is a long period of time. Investment returns from the equities and fixed income markets can fluctuate significantly from year to year.
 Tax regulations can change. This would affect the annual amount deposited to the fund because earnings could become taxable.
 The mine output could change. Total output could be different and/or the yearly amounts may not be uniform as projected.
Answer C:
Changes in tax regulations could affect the analysis in the following ways.
1. If amounts collected for reclamation and deposited in external funds were taxable,
 GML would have to charge its customers more each year.
 the charge per ton would initially be adjusted by dividing the amount by (1-tax rate) and offsetting that by an amount equal to the present value of the tax benefit in 15 years when reclamation occurs and a tax benefit is received.
2. If the earnings on the fund were taxable,
 the charge per ton would have to increase to offset the tax payments.
 GML may want to communicate to the trustee that it should be more aggressive (i.e., take more risk) so it earns higher pre-tax returns.
 GML may want the trustee to invest in tax exempt instruments. This decision should take into account the yields of tax exempt vs. taxable instruments.