Find the present worth of this cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An endowment fund is providing an annual scholarship of P50,000 for the first five years, P60,000 for the next five years, and P90,000 thereafter. The fund will be established today and will award the first scholarship after a year. The fund earns 4.5 % annual interest. Find the present worth of this cost.
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