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Instead of investing the entire $1,062,000, Bogut invests $278,900 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 $2,122,938 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.) Payments $ 147,670

Instead of investing the entire $1,062,000, Bogut invests $278,900 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 $2,122,938 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.) Payments $ 147,670

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(b) * Your answer is incorrect. Instead of investing the entire $1,062,000, Bogut invests $278,900 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 $2,122,938 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.) Payments $ eTextbook and Media Save for Later 147,670 O Search 00 0 DOLL Attempts: 2 of 3 used prise Submit Answer
Transcribed Image Text:(b) * Your answer is incorrect. Instead of investing the entire $1,062,000, Bogut invests $278,900 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 $2,122,938 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.) Payments $ eTextbook and Media Save for Later 147,670 O Search 00 0 DOLL Attempts: 2 of 3 used prise Submit Answer
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