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What is the present worth of the second instalment payment

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Question - A man bought a condominium unit worth $3.9M a pay a down payment of P1.5M and agreed to pay the remaining balance as follows: P600,000 at the end of the 2&; year, P755,000 at the beginning of the 51 year; P850,000 at the end of the 6th year and an unknown payment at the end of the 10th year. Assume an 5% interest rate. What is the present worth of the second instalment payment?

Reference no: EM133139540

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