The will of a wealthy philanthropist left P5,000,000 to establish a perpetual charitable foundation. The foundation trustees decided to spend P1,200,000 to provide facilities immediately and to...

The will of a wealthy philanthropist left P5,000,000 to establish a perpetual charitable
foundation. The foundation trustees decided to spend P1,200,000 to provide facilities
immediately and to provide P100,000 of capital replacement at the end of each 5-year
period. If the inverted funds earned 12% per annum, what would be the year-end
amount available in perpetuity from the endowment for charitable purposes?