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  3. 2. (a) a machine costs the company tk.97000 and it

2. (a) A machine costs the company Tk.97000 and its effective life is estimated to...

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Accounting

2. (a) A machine costs the company Tk.97000 and its effective life is estimated to be 12 years. If the scrap realizes Tk. 2000 only, what amount should be retained out of profits at the end of each year to accumulate at compound interest at 5% per annum?

(b) On 48th birthday Mr. Mizan decides to make a gift of Tk. 5000 to a hospital. He decides to save this amount by making equal annual payments up to and including his 60th birthday to a fund, which gives 3.5% compound interest, the first payment being made at once. Calculate the amount of each annual payment.

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