These pages show what published data did in the past and what the arithmetic does under your assumptions. They are a tool for exploring scenarios, not investment, tax or legal advice.
{{h.amt}} invested in the S&P 500 with dividends reinvested, no further contributions. Every quarter, 0.5% of the portfolio (2% a year) is taken out. Three cases: it is never taken; it goes to a fund manager; it buys bitcoin. History first, then a 30-year projection you can adjust.
Why 2%. A managed account is usually quoted as a yearly fee on the balance. The advisory fee alone averages about 1%. Add the expenses of the funds inside the account and the all-in cost on balances under $1 million runs 1.5% to 2% a year [7]. Two percent sounds small. Taken every year from a growing balance, it is not. Over the 31 years on this page it removes {{h.lostPct}} of what the money would have grown to: {{h.lostShort}} of a {{h.nfShort}} result is gone, and only {{h.feesShort}} of that was ever billed as a fee. The rest is the growth the fee dollars would have earned had they stayed invested.
S&P 500 total return, dividends reinvested, 31 years. The fee case removes 0.5% of the portfolio at the end of every quarter, 124 times. Nothing else differs.
Value of the {{h.amt}} at each year end, 1994 to 2025. Black: no fee. Red: with the 2% fee. The shaded gap is the money that went to the manager and the growth it would have earned.
{{h.amt}} in the S&P 500 with dividends from January 1, 2017 to December 31, 2025, thirty-six quarters, run three ways. Paid: 0.5% of the portfolio goes to a manager every quarter end. Kept: nothing comes out. Moved: the same 0.5% comes out every quarter and buys {{b.assetName}} at that quarter's closing price, held to the end and never sold. The stock holding is identical in the paid and moved cases; only where the 0.5% goes differs.
Constant annual returns applied quarterly, 120 quarters, no volatility. Choose where the quarterly 0.5% goes, then set the return assumptions. The result is arithmetic under your inputs, not a forecast.
Hypothetical. Constant returns, no taxes or costs, not a forecast.
{{p.ppLine}}
{{p.chartCaption}}
Starting capital. {{h.amt}}, invested in full on day one. The study was written for $250,000; any other amount scales every dollar figure in proportion. No later contributions and no withdrawals other than the quarterly 0.5%.
Equity return. S&P 500 total return, dividends reinvested. For 1995 to 2025 each year's published total return is applied in four equal quarterly steps. For 2017 to 2025 the quarterly price change comes from quarter-end index closes, and each year's dividend contribution (total return less price return) is spread evenly across its four quarters.
The 0.5%. At the end of every quarter, 0.5% of the portfolio's value leaves the stock holding. In the fee case it is gone. In the moved case it buys bitcoin or gold at that quarter-end price, and the holding is kept to the end. 0.5% a quarter compounds to 1.99% a year, the same drag as a 2% annual fee billed quarterly.
Section 02, 2017 to 2025. {{h.amt}} on January 1, 2017, run three ways over thirty-six quarters. Purchases are made at each quarter end from March 31, 2017 through December 31, 2025 and valued at the December 31, 2025 price. Bitcoin is the Coinbase quarter-end close as published by FRED; gold is the World Bank monthly average for the quarter-end month, per troy ounce. Bitcoin's path over these years includes peak-to-trough declines of more than 70% on two occasions; on the same quarter-end prices, gold's largest decline in the window was about 14%.
Measured in. Dollars shows nominal values. 2025 dollars restates every value by the ratio of the December 2025 Consumer Price Index to the CPI at that date. Share of M2 restates every value by the ratio of December 2025 M2 to M2 at that date, so a figure reads as the amount of today's money supply it commanded then. Ending 2025 values are identical in all three views; the starting amount, the path and the growth rates change. The fee's share of the result does not.
Projection. January 1, 2027 to December 31, 2056, 120 quarters. Annual return inputs are converted to quarterly compounding rates. Bitcoin is bought at the end of each quarter at a price growing at the chosen annual rate. Returns are constant; a real path has drawdowns in both assets. The implied bitcoin price starts from a live Coinbase quote when the page can reach it, otherwise from the last quarter-end close, carried to the start date at the chosen rate; the box accepts any price in its place. The implied gold price starts from the last quarter-end close.
Money supply and prices, 1994 to 2025. M2, the Federal Reserve's broad measure of money (currency, checking, savings, small time deposits and retail money funds), grew from {{h.m2Start}} to {{h.m2End}} trillion, {{h.m2X}} times, or {{h.m2Cagr}} a year. The Consumer Price Index rose {{h.cpiX}} times, {{h.cpiCagr}} a year. CPI measures a basket of consumer goods and services with rent and owners' equivalent rent as its largest component; it does not measure asset prices. The gap between the two rates is the reason an asset can rise in dollars while losing ground as a share of the money in circulation.
Default inputs. 9% S&P 500 total return (the 1995 to 2025 realized figure was {{h.nfCagr}}), a 2% annual rate taken quarterly, 20% for bitcoin and 6% for gold (gold's 1994 to 2025 average was about 8%). The 10% to 30% presets show how far the outcome moves on that one assumption.
Excluded. Taxes, trading costs, custody costs, rebalancing and any sale of the bitcoin or gold. The holding is valued once, at the end.
Verification. All figures were recomputed independently from the source data and reproduced to the dollar. Section 01 runs on smoothed annual returns; section 02 runs on actual quarter-end closes with each year's dividend spread across its quarters. Over 2017 to 2025 the two methods agree within 0.01%.
Purpose. An illustration of arithmetic, not investment advice and not a recommendation to hold any asset. Have a licensed adviser or CPA review before any client use.
[1] S&P 500 daily closes (S&P Dow Jones Indices LLC), series SP500, FRED, Federal Reserve Bank of St. Louis. Quarter-end values 2016 to 2025. fred.stlouisfed.org/series/SP500
[2] Coinbase Bitcoin (BTC/USD) daily closes, series CBBTCUSD, FRED, Federal Reserve Bank of St. Louis. Quarter-end values 2017 to 2025. fred.stlouisfed.org/series/CBBTCUSD
[3] S&P 500 annual total returns and price returns, 1995 to 2025. slickcharts.com/sp500/returns and en.wikipedia.org/wiki/S%26P_500, cross-checked against S&P Dow Jones Indices, "U.S. Equities Market Attributes, December 2025." spglobal.com
[4] M2 money stock, seasonally adjusted, monthly, series M2SL, Board of Governors of the Federal Reserve System via FRED. December values 1994 to 2025. fred.stlouisfed.org/series/M2SL
[5] Consumer Price Index for All Urban Consumers, all items, seasonally adjusted, series CPIAUCSL, U.S. Bureau of Labor Statistics via FRED. December values 1994 to 2025. fred.stlouisfed.org/series/CPIAUCSL
[6] Source document: "2% AUM Fee Drag: $250,000 from 1995 to 2025," one-page PDF, September 18, 2026.
[7] Advisory fee levels: Cerulli Associates, 2025 pricing survey (average 125 bp at $100,000, about 66 bp at $10 million and up). cerulli.com; NerdWallet, updated September 9, 2026 (average 0.96%; 1.1% to 1.5% at $250,000). nerdwallet.com; all-in cost including fund expenses: Kitces.com, Veres advisor survey (median 1.85% under $250,000, 1.5% over $1 million). kitces.com
[8] World Bank Commodity Price Data (Pink Sheet), monthly gold, $/troy oz. Quarter-end months 2016 to 2025. worldbank.org/en/research/commodity-markets
These pages show what published data did in the past and what the arithmetic does under your assumptions. They are a tool for exploring scenarios, not investment, tax or legal advice.
Your start date. Your dollars. Your 2%. A lump sum in the S&P 500 with dividends reinvested, a fixed share taken out every quarter, and your choice of where it goes. Measured in dollars, in today's dollars, or as a share of the money supply.
Historical arithmetic on published data. No taxes or costs. Past results do not predict future ones.
{{y.chartCaption}}
{{y.warnText}}
Window. From the start of the quarter you choose through {{y.endLong}}, the latest full quarter of published data, in quarterly steps. Start dates run from 1995 Q1.
Equity return. S&P 500 total return, dividends reinvested, from Robert Shiller's monthly dataset: monthly return = (price + dividend/12) / prior price, compounded to quarters. Shiller prices are monthly averages of daily closes, not closes, so single-year figures can differ from published calendar-year returns by a few points; over 1995 to 2025 the cumulative result matches the published total return within 0.5%.
The quarterly share. At each quarter-end, after the equity return, the annual rate divided by four is taken from the stock holding. Paid to a manager, it is gone. Otherwise it buys the destination at that quarter's price and is held, never sold, marked to market at {{y.endLong}}.
Bitcoin. Coinbase quarter-end prices as published by FRED, available from March 2015. For start dates before that, the bitcoin share of each earlier quarter is treated as paid to a manager, and purchases begin with the March 2015 quarter. Gold is the World Bank monthly average price for the quarter-end month, in dollars per troy ounce. The S&P destination compounds at the same total return as the main sleeve.
Measured in. Dollars are nominal. {{y.endYear}} dollars restate each value by {{y.endLabel}} CPI over the CPI at that quarter. Share of M2 restates each value by {{y.endLabel}} M2 over M2 at that quarter. Ending values are the same in all three views; the start, the path and the growth rates change.
Excluded. Taxes, trading and custody costs, rebalancing, and any sale of the destination asset.
Purpose. An illustration of arithmetic on published data, not investment advice and not a recommendation to hold any asset. Have a licensed adviser or CPA review before acting.
[1] Robert J. Shiller, U.S. Stock Markets 1871 to Present and CAPE Ratio, monthly S&P composite price, dividends and CPI. shillerdata.com
[2] Coinbase Bitcoin (BTC/USD), series CBBTCUSD, FRED, Federal Reserve Bank of St. Louis. fred.stlouisfed.org/series/CBBTCUSD
[3] World Bank Commodity Price Data (Pink Sheet), monthly gold, $/troy oz. worldbank.org/en/research/commodity-markets
[4] M2 money stock, series M2SL, Board of Governors of the Federal Reserve System via FRED. fred.stlouisfed.org/series/M2SL
[5] Consumer Price Index for All Urban Consumers, series CPIAUCSL, U.S. Bureau of Labor Statistics via FRED. fred.stlouisfed.org/series/CPIAUCSL
[6] Advisory fee levels: Cerulli Associates, "Fee Compression and Rising Service Demands Cause Advisors to Adjust Pricing Structure," 2025 (average 125 bp at $100,000, about 66 bp at $10 million and up). cerulli.com; NerdWallet, "How Much Does a Financial Advisor Cost?", updated September 9, 2026 (average 0.96%; 1.1% to 1.5% at $250,000). nerdwallet.com; all-in cost including fund expenses: Kitces.com, "Independent Financial Advisor Fee Comparison: All-In Costs," from the Veres advisor survey (median 1.85% under $250,000, 1.65% up to $1 million, 1.5% over $1 million). kitces.com
These pages show what published data did in the past and what the arithmetic does under your assumptions. They are a tool for exploring scenarios, not investment, tax or legal advice.
A lump sum in bitcoin, gold, or half of each. Every quarter, a fixed share of the holding is sold and moved into the S&P 500 with dividends reinvested. Compared against holding the asset and moving nothing. Measured in dollars, in today's dollars, or as a share of the money supply. History first, then a projection you can adjust.
Historical arithmetic on published data. No taxes or costs. Past results do not predict future ones.
{{k.chartCaption}}
{{k.warnText}}
Constant annual returns applied quarterly, no volatility. The starting amount, the rate moved to stocks each quarter and the whole-holding or gains-only rule are the ones set above. Choose the start date, the starting split, the return for each asset and how far out to look.
The highlighted preset on each slider is the suggested rate. Each sits below the asset's own record: past growth does not set a floor, bitcoin's growth has slowed with each cycle as it has grown larger, and a 20-year run at any fixed rate has never happened for any of the three. Treat the suggestions as a starting point to argue with, not a forecast.
Hypothetical. Constant returns, no taxes or costs, not a forecast.
{{k.pPpLine}}
{{k.pChartCaption}}
Window. From the start of the quarter you choose through {{k.endLong}}, the latest full quarter of published data, in quarterly steps. The lump sum buys the asset at the prior quarter-end price. Bitcoin start dates run from 2015 Q1; gold from 1995 Q1.
The quarterly move. At each quarter-end, the annual rate divided by four is applied to the holding's value at that quarter's price. That many dollars of the asset are sold and buy the S&P 500 the same day. With half bitcoin and half gold, the sale comes from both in proportion to their value. Under the gains-only rule the rate applies only to the amount by which the holding exceeds what was paid for what remains; in a quarter with no gain, nothing moves.
The stocks. Dollars moved into the index compound at the S&P 500 total return, dividends reinvested, from Robert Shiller's monthly dataset compounded to quarters. They are never sold.
Prices. Bitcoin is the Coinbase quarter-end price as published by FRED. Gold is the World Bank monthly average price for the quarter-end month, in dollars per troy ounce.
Projection. From the start date chosen, each asset compounds at the constant annual rate set on its slider, converted to a quarterly rate. The quarterly move applies the rate and rule from the history section to the bitcoin and gold value and buys the S&P 500. Nothing is sold from the stocks. Returns are constant; real markets are not, and sequence matters for a rule that sells a share each quarter. The suggested rates are judgments, set below each asset's historical average, not forecasts. The implied bitcoin price starts from a live Coinbase quote when the page can reach it, otherwise from the last quarter-end close, carried to the start date at the chosen rate; the box accepts any price in its place. The implied gold price starts from the last quarter-end close.
Worst drop. The largest fall from any quarter-end value to a later quarter-end value, in nominal dollars. Quarter-end prices miss falls that happened inside a quarter, so true drawdowns were larger.
Measured in. Dollars are nominal. {{k.endYear}} dollars restate each value by {{k.endLabel}} CPI over the CPI at that quarter. Share of M2 restates each value by {{k.endLabel}} M2 over M2 at that quarter. Ending values are the same in all three views; the start, the path and the growth rates change.
Excluded. Taxes on each sale, trading and custody costs, and any sale of the stocks.
Purpose. An illustration of arithmetic on published data, not investment advice and not a recommendation to hold any asset. Have a licensed adviser or CPA review before acting.
[1] Robert J. Shiller, U.S. Stock Markets 1871 to Present and CAPE Ratio, monthly S&P composite price, dividends and CPI. shillerdata.com
[2] Coinbase Bitcoin (BTC/USD), series CBBTCUSD, FRED, Federal Reserve Bank of St. Louis. fred.stlouisfed.org/series/CBBTCUSD
[3] World Bank Commodity Price Data (Pink Sheet), monthly gold, $/troy oz. worldbank.org/en/research/commodity-markets
[4] M2 money stock, series M2SL, Board of Governors of the Federal Reserve System via FRED. fred.stlouisfed.org/series/M2SL
[5] Consumer Price Index for All Urban Consumers, series CPIAUCSL, U.S. Bureau of Labor Statistics via FRED. fred.stlouisfed.org/series/CPIAUCSL
These pages show what published data did in the past and what the arithmetic does under your assumptions. They are a tool for exploring scenarios, not investment, tax or legal advice.
Where dollars come from, how many there are, and what holding cash has cost against the growth of the money supply. Then compound interest in plain terms, your own cash run through the history, and a projection with the rate you choose.
Two makers of dollars. The Federal Reserve is the central bank of the United States. It sets the short-term interest rate and creates bank reserves when it buys Treasury bonds and other securities. Commercial banks create most of the dollars the public holds: when a bank makes a loan, it credits the borrower's account with a new deposit. That deposit did not come from anyone else's savings. It is new money, and it is retired when the loan is repaid. [1][2]
M2 is the count. M2 adds up currency in circulation, checking and savings deposits, small certificates of deposit and retail money market funds. The Federal Reserve publishes it monthly. It is the broadest regularly reported measure of the dollars available to spend or save. [3]
The count since the end of 1994. M2 was {{c.m2Start}} at the end of 1994 and {{c.m2End}} at {{c.endLabel}}, {{c.m2X}} times as many dollars, growing {{c.m2Cagr}} a year. Consumer prices rose {{c.cpiX}} times over the same span, {{c.cpiCagr}} a year. The gap between the two is the part of new money that went into asset prices, bank balances and the real growth of the economy rather than into the price of groceries. Money grew about {{c.gapX}} times faster than the cost of living. [3][4]
What that means for a dollar held. A dollar kept in a drawer since the end of 1994 still says one dollar. It buys {{c.dollarBuys}} of what it did, and it is {{c.dollarShare}} of the share of all dollars it once was. Both numbers are arithmetic on published series, not opinion.
Debt is the other half. Because banks create deposits by lending, every new dollar is matched by a new debt somewhere. Federal debt was $4.8 trillion at the end of 1994 and $39.1 trillion at March 2026, 6.9% a year. Bank loans grew from $2.3 trillion to $13.9 trillion, 5.9% a year. The monetary base, the part the Federal Reserve creates directly, grew 8.4% a year. M2's 6.2% sits in the middle of these. Interest on the debt is paid with dollars that did not exist when the debt was made. [5]
M2 at each quarter end, December 1994 to {{c.endLabel}}, in trillions of dollars. The red line is the consumer price index rescaled to start at the same point, so the space between the lines is money growth beyond price growth. The jump in 2020 and 2021, 40% in two years, is the largest two-year increase in the series.
Simple interest pays on what you put in. $10,000 at 5% pays $500 a year, every year, forever the same.
Compound interest pays on what you put in and on the interest already earned. Year one pays $500. Year two pays 5% of $10,500, which is $525. Year twenty pays $1,263, because by then the pile is $25,270. The money makes money, and then that money makes money.
Why it matters. Over one year the difference is nothing. Over thirty years it is the whole story: $10,000 at 5% simple is $25,000; compounded it is $43,219. Every chart on these pages is compounding at work, in both directions. Fees compound against you. Money growth compounds against cash.
The rule of 72. Divide 72 by the yearly rate and you get roughly how many years it takes to double. At 6%, about 12 years. At 2%, about 36. At 10%, about 7. M2 has grown near 6% a year, so the supply of dollars has been doubling about every 12 years.
CAGR stands for compound annual growth rate. It is the one steady yearly rate that would carry a starting amount to an ending amount over a given number of years. The formula: divide the end by the start, take the root for the number of years, subtract one. $250,000 becoming $6.6 million over 31 years is a CAGR of 11.1%. Every percentage labeled "a year" on these pages is a CAGR, so any two can be compared directly whatever the window.
A lump sum held from the start date you choose to {{c.endLabel}}, four ways: as cash earning nothing; in Treasury bills, which is what a money market fund holds; in one-year Treasuries, the closest public series to a bank certificate of deposit; and, for comparison, in the S&P 500, gold and bitcoin. Each is shown in dollars, in {{c.endYear}} dollars, and as a share of M2.
Historical arithmetic on published data. No taxes or costs. Past results do not predict future ones.
{{c.chartCaption}}
{{c.warnText}}
The amount above, held from {{c.pStart}} at a fixed yearly rate, against a fixed rate of money growth and a fixed rate of price growth. The presets are today's published rates. Everything compounds yearly.
Hypothetical. Constant rates, no taxes or costs, not a forecast.
Window. From the start of the quarter you choose through {{c.endLong}}, the latest full quarter of published data, in quarterly steps.
Cash. Held as currency or in a non-interest account. The dollar figure never changes; only what it buys and its share of M2 change.
Treasury bills. Each quarter compounds the 3-month Treasury bill rate, month by month, from the Federal Reserve's H.15 release. Money market mutual funds hold mostly bills and short government paper, so their yields track this series closely, less a fee of a few tenths of a percent. Bank "money market accounts" are a different product and have paid far less, as the FDIC averages show.
One-year Treasuries. Each quarter compounds the 1-year constant-maturity Treasury yield, month by month. Bank certificates of deposit are priced off this curve and usually below it. FDIC national averages for CDs exist only from 2009, so the Treasury series stands in for the full history.
The comparisons. S&P 500 total return from the Shiller dataset, gold from the World Bank monthly average, bitcoin from Coinbase quarter-end closes from 2015. The same series drive the other tabs.
Measured in. Dollars are nominal. {{c.endYear}} dollars restate each value by {{c.endLabel}} CPI over the CPI at that quarter. Share of M2 restates each value by {{c.endLabel}} M2 over M2 at that quarter. "Share of M2 kept" is the ending share divided by the starting share.
Projection. Yearly compounding at the rates set. Loss to money growth is one minus the ratio of the account's growth to M2's growth, so a rate equal to M2 growth shows no loss.
What the two series leave out. M2 is one definition of money. It omits large time deposits, institutional money funds and repurchase agreements, which the Federal Reserve counted in M3 until it stopped publishing M3 in 2006, and it omits Treasury bills, which trade like money for large holders. The monetary base has grown faster than M2 since 2008. CPI is a measured index whose method has changed: owners' equivalent rent replaced house prices in 1983, and the 1990s brought substitution, geometric weighting and quality adjustments that the Bureau of Labor Statistics says improve accuracy and critics say lower the reported rate. Private alternatives report higher inflation but are not audited and are not used here. Both series are the official published ones, and both sliders in the projection are yours to move if you believe the true rates are higher.
Excluded. Taxes on interest, which fall due every year on cash yields and would widen every gap shown; fund fees; bank fees.
Purpose. An illustration of arithmetic on published data, not investment advice and not a recommendation to hold any asset. Have a licensed adviser or CPA review before acting.
[1] Board of Governors of the Federal Reserve System, "What is the money supply? Is it important?" and "Policy Tools: Open Market Operations." federalreserve.gov/faqs/money_12845.htm, federalreserve.gov/monetarypolicy/openmarket.htm
[2] McLeay, Radia and Thomas, "Money creation in the modern economy," Bank of England Quarterly Bulletin, 2014 Q1. bankofengland.co.uk
[3] M2 money stock, seasonally adjusted, series M2SL, Federal Reserve H.6 release via FRED. fred.stlouisfed.org/series/M2SL
[4] Consumer Price Index for All Urban Consumers, series CPIAUCSL, U.S. Bureau of Labor Statistics via FRED. fred.stlouisfed.org/series/CPIAUCSL
[5] Federal debt, total public debt, series GFDEBTN (Q4 1994 $4,800bn; Q1 2026 $39,065bn); loans and leases in bank credit, all commercial banks, series TOTLL; monetary base, series BOGMBASE; 3-Month Treasury Bill Secondary Market Rate, series TB3MS; 1-Year Treasury Constant Maturity Rate, series GS1. All Federal Reserve data via FRED. fred.stlouisfed.org/series/TB3MS, fred.stlouisfed.org/series/GS1
[6] FDIC, National Rates and Rate Caps, monthly rate cap information as of {{c.fdicDate}}: savings {{c.fdicSav}}, money market {{c.fdicMm}}, 12-month CD {{c.fdicCd}}. fdic.gov/national-rates-and-rate-caps
[7] Equity, gold and bitcoin series as cited on the Your Numbers tab.
These pages show what published data did in the past and what the arithmetic does under your assumptions. They are a tool for exploring scenarios, not investment, tax or legal advice.
Thirty years valuing real estate and businesses for banks, courts and owners. If you want your own property or portfolio run through this lens, with a written read from a licensed appraiser, here is how that works.
One property or one business. You send the price paid, the date, and income if there is any. You get a two-page memo: what it did in dollars, in today's dollars and as a share of M2; what the same dollars did in the S&P 500, gold and bitcoin over the same window; and a written read on where it sits. Plus a 30-minute call.
Every property and business you hold, run through the same lens and ranked: what has kept up with the money supply and what has not, and which assets look mispriced on your own books. A written report and a 60-minute call. Priced by the number of assets after a short intake.
Treasury allocation for a property owner. A sale-leaseback with a bitcoin sleeve. Holding structures, Puerto Rico Act 60 questions, and how a lender or an appraiser will look at the result. Scoped by the hour or as a fixed engagement after a first call.
What you get. A written document with the assumptions stated, the data sourced, and the arithmetic reproducible. The same standard as an appraisal review written for a bank regulator. The judgment is mine; the numbers are yours to check.
What this is not. Not an appraisal and not an opinion of value. Not investment advice, not a recommendation to buy or sell any security, and not tax or legal advice. If you want an opinion of value, that is a separate appraisal engagement under USPAP. If you want advice on securities, that is a registered investment adviser, which I am not.
Payment. By card or by bitcoin at booking. Bitcoin is priced in dollars at the time of payment.
Who. Christopher A. Baker, MAI, AI-GRS, FRICS, CCIM. Certified General appraiser, licensed real estate and business broker. Thirty years in valuation, appraisal review, CMBS lending, brokerage and property management. Senior Nation State Advisor at JAN3. Based in San Juan, Puerto Rico.
Who you contract with. ARC PR LLC, a Puerto Rico company, for clients outside Puerto Rico. Caribe Commercial LLC for clients in Puerto Rico. The engagement letter names the contracting entity in full. Services are performed from San Juan, Puerto Rico.
Engagement letter. Every engagement starts with a short letter that states the scope, the deliverable, the fee and the limiting conditions. You sign it before any work starts.
These pages show what published data did in the past and what the arithmetic does under your assumptions. They are a tool for exploring scenarios, not investment, tax or legal advice.