A firm has purchased a new car for office use that will need
replacement after 5 years. The firm decides to create a sinking
fund to get Rs. 5 lac to replace the car now purchased. At 10% pa
rate of Interest, how much they will be required to invest in the
fund, annually. (hint - factor = 0.61051)
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a car run more long than 5 years actually if you keep it maintained and healthy!
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