You are invited to attend a management meeting by your company to decide on the future direction of the Plant and Machinery Unit. The plant and Machineries Unit is being managed as profit centre. The plants and machineries are for the company's own use and also being rented out to other companies. A special account is created for the unit. The company will normally sell the plants and machineries after five years and replace them with a new one to reduce the maintenance cost. Certain amount of the income shall be set aside as sinking fund so that the company can buy the replacement by cash when the time comes. a) Propose the right amount of money needs to be set aside every month for the next five years if the replacement cost for a plant is estimated to be RM 300,000. Assume that the money is being deposited in a fixed deposit account compounded monthly with the interest rate at 4% per annum. (5 marks