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6. PROBLEM SOLVING: A man intends to buy a machine via loan. He does so by depositing a down payment followed by additional monthly payments

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6. PROBLEM SOLVING: A man intends to buy a machine via loan. He does so by depositing a down payment followed by additional monthly payments worth Php 2,090.00 each until the very last month of the period. The entire scheme is projected to cover worth Php 850,000.00 after 5 years. If the interest is 3% compounded quarterly, how much must have been the initial deposit? (5 pts)

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