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It's obsolete, so you’re going to abandon it. This is the act of disposal. Whatever it is, you’re disposing of or scrapping it because it’s no longer needed.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
古いテレビの廃棄に支払うお金、五千円もあれば十分なんじゃないの？
5,000 yen should be enough to dispose of the old TV, shouldn’t it?
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