Suppose that the parents of a young child decide to make regular annual deposits into a savings account. The mother makes deposits of Php 10,000 while the father makes deposits of Php 20,000. The father’s first deposit is on the day of birth of the child, while the mother’s first deposit is when the child turns 8 months old. If the nominal interest rate is 3% compounded every 4 months and no further deposits are made beyond the child’s 16th birthday, what is the lump sum equivalent of the deposit account on the child’s 20th birthday? Draw the cash flow diagram. Express the lump sum in terms of functional symbol.

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