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A machine costs Rs . 5 , 0 0 , 0 0 0 lakh and its effective life is estimated to be 1 2 years.

A machine costs Rs.5,00,000 lakh and its effective life is estimated to be 12 years. Its scrap value is 15,000. What should be retained out of the profits every year to accumulate into a fund to purchase a new machine after 12 years? The compound interest rate would be 8%.

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