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8. Determine the present worth of a 25 -year cash flow series consisting of an annuity of P950.00 payable semi-annually for the first four years

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8. Determine the present worth of a 25 -year cash flow series consisting of an annuity of P950.00 payable semi-annually for the first four years starting six months from the present and another annuity of P1400.00 payable yearly starting three years from now. Money is worth 14% compounded semiannually. (Ans. P12 715.70)

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