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7 A machine costing $200 000 has effective life of 7 years and its scrap value is $30000. What amount should the company deposit annually

7 A machine costing $200 000 has effective life of 7 years and its scrap value is $30000. What amount should the company deposit annually into a sinking fund earning 5% per annum so that it can replace the machine after its useful life? Assume that a new machine will cost $300 000 after 7 years.

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