A bag manufacturer will rent a space in a mall for 24 months for an exhibit. The monthly rent is p25,000 and is paid at the beginning of each month. The manufacturer likes to pay a single lump sum at...

A bag manufacturer will rent a space in a mall for 24 months for an exhibit. The monthly rent is p25,000 and is paid

at the beginning of each month. The manufacturer likes to pay a single lump sum at the beginning of the two-year

period. He wants to have that lump sum when the exhibit begins, so he needs to invest this amount at 7.5% per annum. How much is that lump sum?