A fund is to be donated by a wealthy man to provide annual scholarships to deserving students. The fund will grant P30,000 each month for the first 5 years at 8% compounded monthly, P100,000 each quarter for the next 5 years at 8% compounded quarterly, and P500,000 each year thereafter at an effective rate of 8%. The scholarship will start one year after the fund is established. What is the amount of the donation?

1. A fund is to be donated by a wealthy man to provide annual scholarships to deserving students. The fund will grant P30,000 each month for the first 5 years at 8% compounded monthly, P100,000 each quarter for the next 5 years at 8% compounded quarterly, and P500,000 each year thereafter at an effective rate of 8%. The scholarship will start one year after the fund is established. What is the amount of the donation