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3. (b) Ballona Bhd had sold a piece of property of RM1,200,000. In the sales agreement, it is stated that the value of the property

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3. (b) Ballona Bhd had sold a piece of property of RM1,200,000. In the sales agreement, it is stated that the value of the property will be RM1,800,000 after 10 years. If the discount rate is 6 percent compounded annually, determine the value of property today and calculate the profit from the proceeds of the sale. (6 marks)

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