E6-15B (Investment Decision) John Jacob just received a signing bonus of $525000

E6-15B (Investment Decision) John Jacob just received a signing bonus of $525000. 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 $1000000 how many years until he can establish the foundation?(b) Instead of investing the entire $525000 Lee invests $200000 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 $1000000 foundation at the end of 6 years?