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Mr. John decided to buy a pension plan for himself on his 40th birthday. The plan will give him an opportunity to claim 10,000 pesos

Mr. John decided to buy a pension plan for himself on his 40th birthday. The plan will give him an opportunity to claim 10,000 pesos quarterly for 5 years starting 3 months after his 60th birthday given that the interest is 8% compounded quarterly. What one-time payment should he make on his 40th birthday to pay off his pension plan?

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