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A machine being used by a company is estimated to have a life of 15 years. At that time, the new machine would cost Rs. 74,400 and the scrap of the old machine would yield Rs. 4,600 only. A sinking fund is created for replacing the machine at the end of its life. What sum should be invested by the company at the end of each year to accumulate at 6% per annum? (Use log 1.06 = 0.0253, antilog 0.3795 = 2.396)

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Rs. 3000 par year.
12 years agoHelpfull: Yes(0) No(8)

cost price of machine =74400
scrap=4600
accumlated price=744400-4600=69800
Compound Interest=Amount-Principal
c.i.=p(1+r/100)^n-p
i.e. 69800=p[(1.06)^15-1]/0.06
p=3000
3 years agoHelpfull: Yes(0) No(0)

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