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A contract has been signed to lease a building at P 25,000 per year with an annual increase of P2000 for 10 years. Payments are

A contract has been signed to lease a building at P 25,000 per year with an annual increase of P2000 for 10 years. Payments are to be made at the end of each year starting one year from now. The prevailing interest rate is 5%. What lump sum paid today would be equivalent to the 10- year lease payment plan?

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