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The business owner terms of a lease contract are as follows: Annual lease = 1,500,000 pesos, 1st payment upon start of lease, annual lease increase
The business owner terms of a lease contract are as follows: Annual lease = 1,500,000 pesos, 1st payment upon start of lease, annual lease increase by 10% each year for 4 years. A single lump sum payment is acceptable at the start of the lease based on an interest rate of 14% compounded annually. Find the amount of this lump sum.
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