Take note: Draw the cash flow diagram and use interest rate with five decimal places.

1. A fund is to be donated by wealthy man to provide scholarships to deserving students. The fund will grant P6,000 for each semiannual of the first five years, P9000 for each quarter of the next five years, and P11,000 each month thereafter. The scholarship will start one semiannual after the fund is established. If the fund earns 8% per year compounded bimonthly, what is the amount of the donation?