A concrete pavement on a street would cost P10,000 and would last for 5 years with negligible repairs. At the end of each years. P1,000 would be spent to remove the old surface before P10,000 is spent...

A concrete pavement on a street would cost P10,000 and would last for 5 years with negligible
repairs. At the end of each years. P1,000 would be spent to remove the old surface before
P10,000 is spent again to lay a new surface. Find the annual cost of the pavement at 5%