He plans to enter in a trust fund where in he will invest Php500,000 which is 20% equivalent of the total trust fund. The trust fund will invest in a cumulative, 20%, 100,000shares @Php100 par value preference shares. The financial institution that will act as intermediary charges 10% tothe trust fund as cost of managing the investment. At the start of the investment, the company that the trust fund will be investing have a dividend in arrears for 2 years and base on an analysis, the company will least likely pay dividends for 5 years, from the first dividend that they didn't pay. After the 5 years, half of annual dividend will be only paid for 3 years and on the succeeding years there will be no arrears left for the dividend of preference shares.

Tax rate is 30%.

What is the expected income earned?