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A contract calls for the payment of P480,395 at the beginning of each year for the next 8 years, and P119,027 at the beginning of

A contract calls for the payment of P480,395 at the beginning of each year for the next 8 years, and P119,027 at the beginning of each year for the following 5 years. Find the present value of the payments if money is worth 6% effective.

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