Two plans are available for a company to obtain automobiles for its salesmen. Plan A: Lease the cars and pay P15 per kilometer. Plan B: Purchase the cars for P500,000. Each car has an economic life of three years after which it can be cold for P120,000. Gas and oil cost P4 per kilometer. Insurance is P50,000 per year. How many kilometers must the cars be driven each year for the two plans to have the same costs? Use an interest rate of 10%. Use year-end convention for all costs.

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