If the philanthropist pledges to donate 13% of a fund each year, at the end of 16 years, the fund will have $35,517,190.20.
How much would the fund have after 16 years?
The formula that can be used to determine the value of the fund after 16 years is:
Initial value of the fund x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
(1.13^16 - 1) / 0.13 = 46.671735
46.671735 x $761,000.00 = $35,517,190.20
To learn more about how to calculate future value, please check: https://brainly.com/question/24108530
