A factory has decided to retire an existing machine at the end of 202O. The new machine to replace the existing one has an estimated cost of P300,000. The old machine was sold for P25,000 when it was replaced. To accumulate the balance of the required capital, the firm paid a certain amount for a down payment in 2016 and deposited the following sums in an account earning interest at 10% compounded quarterly:
A factory has decided to retire an existing machine at the end of 202O. The new machine to replace the existing one has an estimated cost of P300,000. The old machine was sold for P25,000 when it was replaced. To accumulate the balance of the required capital, the firm paid a certain amount for a down payment in 2016 and deposited the following sums in an account earning interest at 10% compounded quarterly:
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
Related questions
Question
![A factory has decided to retire an existing
machine at the end of 2020. The new
machine to replace the existing one has an
estimated cost of P300,000. The old
machine was sold for P25,000 when it was
replaced. To accumulate the balance of the
required capital, the firm paid a certain
amount for a down payment in 2016 and
deposited the following sums in an account
earning interest at 10% compounded
quarterly:
P50,000 at the end of 2017
P60,000 at the end of 2018
P70,000 at the end of 2019
How much was the down payment paid in
2016?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbaa2d63f-04d1-4146-a0ac-9ac9555b076a%2Fea429a00-5573-4255-8612-3b72f72705ff%2F4944vo9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A factory has decided to retire an existing
machine at the end of 2020. The new
machine to replace the existing one has an
estimated cost of P300,000. The old
machine was sold for P25,000 when it was
replaced. To accumulate the balance of the
required capital, the firm paid a certain
amount for a down payment in 2016 and
deposited the following sums in an account
earning interest at 10% compounded
quarterly:
P50,000 at the end of 2017
P60,000 at the end of 2018
P70,000 at the end of 2019
How much was the down payment paid in
2016?
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