A company purchased for a cash price of P500,000.00 a machine which is estimated to have a salvage value of P50,000.00 at the end of its 10 years economic life. How much yearly deposit must the company deposit in a sinking fund that will pay 18% interest, compounded yearly, to accumulate the needed fund to purchase the new machine at the end of the 10th year economic life of the machine it purchased if a new machine will cost 75% more by that time? Show the solutions and box the final answer.