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AdamsBogut just received a signing bonus of $949,100. His plan is to invest this payment in a fund that will earn11%, compounded annually. If Bogut
- AdamsBogut just received a signing bonus of $949,100. His plan is to invest this payment in a fund that will earn11%, 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?
- Instead of investing the entire $949,100, Bogut invests $278,900today and plans to make13equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $3,685,621foundation at the end of13years?(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
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