Question: In five years, P18, 000.00 will be needed to pay for a building renovation. In order to generate this sum, a sinking fund consisting of

In five years, P18, 000.00 will be needed to pay for a building renovation. In order to generate this sum, a sinking fund consisting of three annual payments is established now. For tax purposes, no further payments will be made after three years. What payment is necessary if money is worth 15% per annum? Construct the sinking fund schedule.

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