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Mr. and Mrs. Dela Cruz decided to sell their beach house and to deposit the fund in a bank. After computing the interest, they found

Mr. and Mrs. Dela Cruz decided to sell their beach house and to deposit the fund in a bank. After computing the interest, they found out that they may withdraw P500,000 yearly for 6 years starting at the end of 7 years when their child will be in college. How much was the beach house sold, to have fund to be deposited if the interest rate is 6% compounded annually? (10 points)

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