A municipal refuse-collection truck can be purchased for ₱2,400,000. Its expected useful life is six years, at which time its market value will be zero. Annual receipts less expenses will be...

A municipal
refuse-collection truck
can be purchased for ₱2,400,000. Its expected useful life is six years, at which time its market value will be zero. Annual receipts less expenses will be approximately ₱700,000 per year over the seven-year study period. Determine the present worth given a MARR of 9%.