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A 10-year security generates cash flows of P20,000 a year at the end of each of the next three years. After three years, the security

A 10-year security generates cash flows of P20,000 a year at the end of each of the next three years. After three years, the security pays some constant cash flow at the end of each of the next six years. Ten years from now the security will mature and pay P100,000. The security sells for P243,078.50 and has a yield to maturity of 7.3%.

REQUIRED: Compute for the annual cash flow that the security pays for years 4 through 9.

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