Manuel deposits $4,000 at the beginning of each year for 15 years into a fund

that earns 10% annually.

Manuel awaits 11 more years from the time his 15th

payment was made, and uses the accumulated amount in the fund to buy a

perpetuity that pays an amount P every year, subject to 5% annual interest.

with the first payment one year from the time of purchase. Find P.

2. Manuel deposits $4,000 at the beginning of each year for 15 years into a fund that earns 10% annually. Manuel awaits 11 more years from the time his 15th payment was made, and uses the accumulated amount in the fund to buy a perpetuity that pays an amount P every year, subject to 5% annual interest. with the first payment one year from the time of purchase. Find P