A contractor bought a concrete mixer at P 150,000 if paid in cash. The mixer may also be purchased by installment to be paid within 5 years. If money is worth 8% compounded annually, what is the amount of each annual payments are made at the beginning of each year. P 34,786 P 24,786 P 27,828

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A contractor bought a concrete mixer at P 150,000 if paid in cash. The mixer may
also be purchased by installment to be paid within 5 years. If money is worth 8%
compounded annually, what is the amount of each annual payments are made at
the beginning of each year.
P 34,786
P 24,786
P 27,828
O P 37,828
Transcribed Image Text:A contractor bought a concrete mixer at P 150,000 if paid in cash. The mixer may also be purchased by installment to be paid within 5 years. If money is worth 8% compounded annually, what is the amount of each annual payments are made at the beginning of each year. P 34,786 P 24,786 P 27,828 O P 37,828
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