Determine the present value of an ordinary annuity of P1,000 per year for 10 years with the first cash flow from the annuity coming at the end of year 8 (that is, no payments at the end of years 1...

Determine the present value of an ordinary annuity of P1,000 per year for 10 years with the first cash flow from the annuity coming at the end of year 8 (that is, no payments at the end of years 1 through 7 and annual payments at the end of years 8 through 17) given a 10 percent discount rate.