Leon Bogut just received a signing bonus of $962,900. His plan is to invest this payment in a fund that will earn 11%, compounded annually.
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If Bogut plans to establish the AB Foundation once the fund grows to $2,734,078, how many years until he can establish the foundation?
_________years
Instead of investing the entire $962,900, Bogut invests $299,500 today and plans to make 10 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $2,734,078 foundation at the end of 10 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Payments $____________