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A businessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to discharge his obligation by paying a series of 6 equal annual payments, the first being due at the end of the 5th year. Which of the following gives the total sum of all his payments. a. P543, 233.04 b. P421,098.53 c. P452, 013.22 d. P537,255.96

A businessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to discharge his obligation by paying a series of 6 equal annual payments, the first being due at the end of the 5th year. Which of the following gives the total sum of all his payments. a. P543, 233.04 b. P421,098.53 c. P452, 013.22 d. P537,255.96

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A businessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to discharge his obligation by paying a series of 6 equal annual payments, the first being due at the end of the 5th year. Which of the following gives the total sum of all his payments. a. P543, 233.04 b. P421,098.53 c. P452, 013.22 d. P537,255.96
Transcribed Image Text:A businessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to discharge his obligation by paying a series of 6 equal annual payments, the first being due at the end of the 5th year. Which of the following gives the total sum of all his payments. a. P543, 233.04 b. P421,098.53 c. P452, 013.22 d. P537,255.96
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