Solution: What is the amount of the donation?

(Last Updated On: December 8, 2017)

What is the amount of the donation?

Problem Statement:

A fund donated by a benefactor to PICE to provide annual scholarships to deserving CE students. The fund will grant P5,000 for each of the first five years, P8,000 for the next five years and P10,000 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?

  • A. P99,490.00
  • B. P99,507.35
  • C. P99,601.71
  • D. P99,723.54

Problem Answer:

The amount of the donation is P99,601.71.

Solution:

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Solution: What is the amount of the donation?
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