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I need complete solutions please. It already have an answer :) thank you A granite quarry purchased for P 1,600,000 is expected to be exhausted

I need complete solutions please. It already have an answer :) thank you

A granite quarry purchased for P 1,600,000 is expected to be exhausted at the end of 4 years. If the resale value of the land is P 100,000, what annual income is required to yield an investment rate of 12%? Use sinking fund rate of 3%. (Answer: P 550,540.57)

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