The will of a wealthy philanthropist left P5,000,000 to establish a perpetual charitable foundation. The foundation trustees decided to spend P1,200,000 to provide facilities immediately and to provide P100,000 of capital replacement at the end of each 5- year period. If the invested funds earned 12% per annum, what would be the year- end amount available in perpetuity from the endowment for charitable purpose? Ans: P440,259

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