A Corporation sold an issue of 15-year bonds, having a total face value of ₱12,000,000 for ₱11,000,000. The bonds bear interest at 15%, payable semiannually. The company wishes to establish a sinking fund for retiring the bond issue and will make semiannual deposit that will earn 12%, compounded semiannually. Show the cash flow diagram, and compute the annual cost for interest and redemption of these bonds

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