Question

a philanthropist pledges to donate 18% of a fund each year. If the fund initially has $463,000.00, how much will the fund have after 6 years

Answer 1

To calculate the amount in the fund after 6 years, we need to find the remaining 82% (100% - 18%) of the fund after each year.

Let's calculate the amount in the fund after each year:

Year 1: $463,000.00 - 18% = $463,000.00 * 0.82 = $379,660.00

Year 2: $379,660.00 * 0.82 = $311,451.20

Year 3: $311,451.20 * 0.82 = $255,040.26

Year 4: $255,040.26 * 0.82 = $209,371.41

Year 5: $209,371.41 * 0.82 = $172,087.81

Year 6: $172,087.81 * 0.82 = $141,211.10

Therefore, after 6 years, the fund will have approximately $141,211.10 remaining.