Problem: Carl borrowed an amount of money from Carmen. He agrees to pay the principal plus interest by paying P38, 973.76 each year for 3 years with an interest rate of 8% compounded quarterly. What type of annuity is being applied in the situation above? A. general annuity B. simple annuity C. contingent annuity D. annuity due

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A: Journal: Recording of a business transactions in a chronological order.

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A:

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