1. An asphalt road requires no upkeep until the end of 2 years when P60,000 will be needed

for repairs. After this P90,000 will be needed for repairs at the end of each year for

the next 5 years, then P120,000 at the end of each year for the next 5 years. If money is

worth 14% compounded annually, what was the equivalent uniform cost for the 12-year

period?