A contractor is planning to purchase a machine one year from now at a cost of Php1 Million. The interest rate is 1.5% per month compounded monthly. 1. Determine the value that the contractor will deposit now to purchase the machine. a. P695,000 b. P712,000 c. P837,000 d. P940,000 2. Determine the 12-equal deposits starting at the end of the first month to purchase the machine.  a. Php 83,500 b. Php 64,200 c. Php 51,500 d. Php 76,700

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