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Instead of investing the entire $939,000, Bogut invests $285,400 today and plans to make 9 equal annual investments into the fund beginning one year from
Instead of investing the entire $939,000, Bogut invests $285,400 today and plans to make 9 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $2,214,115 foundation at the end of 9 years?
(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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