A man inherited a regular endowment of Php 50,000 every end of 3 months for 15 years. However, he may choose to get a single lump sum payment at the end of 5 years. How much is this lump sum if the cost of money is \( 12 \% \) compounded quarterly? Use 2 decimal places. Do not include the unit anymore.
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Step 1: Identify the given values: - Regular endowment: Php 50,000 every 3 months - Duration of endowment: 15 years - Lump sum payment at the end of 5 years - Interest rate: 12% compounded quarterly Show more…
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