Answer to Question #40044 in Finance for Xyrenne Gayle Lorenzo

Question

A fund is to be donated by wealthy man to provide scholarships to deserving students. The fund will grant P5,000 for each semiannual of the first five years, P8000 for each quarter of the next five years, and P10,000 each month thereafter. The scholarship will start one semiannual after the fund is established. If the fund earns 8% per year compounded bimonthly, what is the amount of the donation?