A rich man put up a trust fund in the bank with instructions to give his son the earnings of P400,000.00 at the end of every four (4) years and to continue until the twentieth (20th) year of the deposit when the son could get the P400,000.00 earning and the principal. What is the amount of money placed in the trust fund if guaranteed interest is 16 per year?
a) P1,525,960.78
b) P1,575,960.78
c) P1,625,960.78
d) P1,675,960.78