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A machine costs ₹75,000 and its effective life is estimated to be 8 years. At that time, it will have a salvage value of ₹10,000. A sinking fund is created to replace the machine at the end of 8 years by setting aside a sum of money at the end of each quarter. What is the value of each payment, if the accumulated amount in the fund is just equal to the difference between the replacement cost and the salvage value of the machine and if the fund earns 10% interest compounded quarterly?
[Given 1.02532 = 2.2038.]