For the purpose of providing yearly scholarships to poor but deserving students, a wealthy engineer made a
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Question:
For the purpose of providing yearly scholarships to poor but deserving students, a wealthy engineer made a lump-sum deposit in an endowment fund set up by a well-known university. The fund will provide P200 000.00 after one year, increasing by P10 000.00 each year until the end of the 15th year where payments become uniform and continue forever. If the fund will earn 9% interest per year, determine the amount of the deposit.
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