Use 6 decimal places in between process and 2 decimal places for the final answer.

2. A house and lot can be acquired by a down payment of P500,000 and a yearly payment of P100,000 at the end of each year for a period of 10 years, starting at the end of 5 years from the date of purchase. If money is worth 14% compounded semi annually, what is the cash price of the property