Problem 29. The purchaser of a tractor paid P 10,000 cash and agreed to pay P 3,000 at the end of each 6 months for 10 years. He failed to make the first five payments of P 3,000 each. At the end of 3 years he desires the purchase of the tractor by a single payment which will cancel both his accumulated liabilities and his future liabilities. What must he pay if money is worth 8% per annum compounded quarterly?