12. A plant manager establishes a sinking fund of eight equal yearly deposits to provide for the replacement of a heat exchanger. The estimated cost of replacement due to depreciation is P50 000.00 for the first year, and this is expected to increase by P8000.00 per year until the heat exchanger is replaced. If money is worth 9% effective, determine the amount of each deposit. (Ans. P74 409.33)