A school service van is available for purchase at P23,000 bimonthly. The first payment is due at the end 5 years and the last at the end of 8 years. How much is the present value of the van if the interest rate applied is 14% converted bimonthly?

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 school service van is available for purchase at P23,000 bimonthly. The first payment is due at the end 5 years and the last at the end of 8 years. How much is the present value of the van if the interest rate applied is 14% converted bimonthly?

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