Mr. Chan has donated $1 million to a college to set up a perpetuity for the purchase

Question:

Mr. Chan has donated $1 million to a college to set up a for the purchase of books and journals for a new library to be built and named in his honour. The donation will be invested and earnings will compound for three years, at which time the first of the quarterly payments will be made. If the funds earn 6% compounded quarterly, what will be the size of the payments?
Perpetuity
Perpetuity refers to payments that are made without an end or maturity date. A perpetuity is classified as an annuity, which is something that earns a dividend or receives a payment at a regularly scheduled interval, generally yearly. So, how...