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User A company expects to retire an existing machine at the end of 1 9 9 3 and will replace it with new machine for

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A company expects to retire an existing machine at the end of 1993 and will replace it with new machine for the same task at an estimated cost of Php 60,000.00. The old machine is expected to be sold for Php 5,000.00 when it is replaced. To provide for replacement, the company intends to deposit the following amounts in an account earning interest at 8% compounded quarterly:
Php 20,000.00 at the end of 1990
Php 15,000.00 at the end of 1991
Php 10,000.00 at the end of 1992
What additional amount is needed at the end of 1993 to purchase the new machine?

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