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How many years until he can establish the foundation

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Q1. Adams Bogut just received a signing bonus of $949,100. His plan is to invest this payment in a fund that will earn 11%, compounded annually. If Bogut plans to establish the AB Foundation once the fund grows to $3,685,621, how many years until he can establish the foundation?

Q2. Instead of investing the entire $949,100, Bogut invests $278,900 today and plans to make 13 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $3,685,621 foundation at the end of 13 years?

Reference no: EM132504558

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