1.) The Philippine association of board examiners desires to award a P3600 scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was startedon July 1, 1977 by a donor in the amount of P18000. The PABE invested this sum at that time at 8% per annum and plans on adding P600 each year to the fund from its dues starting July 1, 1978 for as long as awards are made.

a. For how many years starting July 1, 1978 can scholarship be awarded?

b. What will bethe balance in the fund after the last award is made?