without using a financial calculator, just the tables. John Jacob just received a signing bonus of $$525,000.$ His

plan is to invest this payment in a fund that will earn $4\%,$ compounded annually.

Instructions

a$.$ If Jacob plans to establish a charitable foundation once the fund grows to $$1,000,000,$ how many

years until he can establish the foundation?

b$.$ Instead of investing the entire $$525,000,$ John invests $$200,000$ today and plans to make $6$ equal

annual investments into the fund beginning one year from today. What amount should the payments

be if Jacob plans to establish the $$1,000,000$ foundation at the end of $6$ years?without