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How much will she have left at the end of the six years

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Question - Grandma Moses has $5,000,000 saved. She plans to spend $500,000 today on a trip around the world, to invest $1,200,000 in a bookstore next year and to give $480,000 each year for 6 years to the Rock & Roll Hall of Fame. The interest rate is 5%. Please attach a file showing your work.

a) How much will she have left at the end of the 6 years?

b) At the end of the 6 years, she receives an additional $3,500,000 from the sale of a Van Go-Go work of art. If she expects to live an additional 15 years beyond this, how much can she spend at the end of each of her remaining years so she uses up all of her money? Be sure to include any funds left from part a.

Reference no: EM132747683

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