1 When Alfred Nobel died, he left the majority of his estate to fund five prizes, each to be awarded annually in perpetuity starting one year after he died (the sixth one, in economics, was added later) a. If he wanted the cash award of each of the five prizes to be $57,000 and his estate could earn 8% per year, how much would he need to fund his prizes? b. If he wanted the value of each prize to grow by 3% per year (perhaps to keep up with infiation), how much would he need to leave? Assume that the first amount still $ c. His heirs were surprised by his will and fought it. If they had been able to keep the amount of money you calculated in (b), and had invested it at 8% per year, how much would they have in 2014, 118 years after his death? CI a. It he wanted the cash award of each of the five prizes to be $57,000 and his estate could earn 8% per year, how much would he need to fund his prizes? To fund the five prizes, he would need $(Round to the nearest dollar.) b. If he wanted the value of each prize to grow by 3% per year (perhaps to keep up with inflation), how much would he need to leave? Assume that the first amount la was still $57,000 He would need to leave $ . (Round to the nearest dollar.) c. His heirs were surprised by his will and fought it. If they had been able to keep the amount of money you calculated in St (b), and had invested it at 8% per year, how much would they have in 2014, 118 years after his death? In 2014, 118 years after his death, his heirs would have $ million (Round to the nearest million dollar.) n Re s ca