A fund is to be donated by a wealthy man to provide annual scholarships to deserving students. The fund will grant Php5,000 for each of the first 5 years, Php8,000 for each of the next 5 years and...

Extracted text: A fund is to be donated by a wealthy man to provide annual scholarships to deserving students. The fund will grant Php5,000 for each of the first 5 years, Php8,000 for each of the next 5 years and Php10,000 each year thereafter. The scholarship will start one year after the fund is established. If the fund earns 8% interest, what is the amount of the donation?