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Chris Bogut just received a signing bonus of $942, 900. His plan is to invest this payment in a fund that will earn 12%, compounded
Chris Bogut just received a signing bonus of $942, 900. His plan is to invest this payment in a fund that will earn 12%, compounded annually. If Bogut plans to establish the AB Foundation once the fund grows to $3, 279, 925, how many years until he can establish the foundation? Instead of investing the entire $942, 900, Bogut invests $287, 300 today and plans to make 11 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $3, 279, 925 foundation at the end of 11 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to decimal places, e.g. 458, 581.)
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