RYN steel works bought an innovative equipment for steel beam manufacturing. The company expects to produce 200 I-beams at Php 32,000 per beam in each of the first 3 yrs, after which the company expects to produce I-beams per year at Php 40,000 per beam through yr 8. If the company’s minimum attractive rate of return is 15% per yr, what is the present worth of the expected income?

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