Determining total value, A philanthropist working to set up

Determining total value

Reference no: EM1368310

A philanthropist working to set up a permanent endowment wants to deposit money each year, starting now and making 10 more (i.e., 11) deposits, so that money will be available for research related to planetary colonization. If the size of the first deposit is $1 million and each succeeding one is $100,000 larger than the previous one, how much will be available forever beginning in year 11 , if the fund earns interest at a rate of 10% per year?

Reference no: EM1368310

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