A back-pay certificate is offered for sale on which the yearly payments are PHP 996.00, partly principal and partly interest.There are 8 annual payment still due. The first of these is due one year from now. How much should one pay for this note in order to get 5 percent interest, compounded annually, on the investment. (USE A NON-EXCEL FORMULA) list the following: The r, n, A, etc. Thanks!

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A:

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