The term of a lease contract are as follows: Annual lease P 1.50M, first payment upon start of the lease, annual lease increase by 10% each year for 4 years. A single lump sum payment is acceptable at...

Extracted text: The term of a lease contract are as follows: Annual lease P 1.50M, first payment upon start of the lease, annual lease increase by 10% each year for 4 years. A single lump sum payment is acceptable at the start of the lease based on an interest rate of 15% compounded quarterly. Find the amount of this lump sum.