6. Hiccup has just received an inheritance of $50,000 from a toothless relative. He wisely decides to invest this in a Retirement Savings Plan. As he won't earn any money until he finishes training, he thinks that in 7 years from now he will be able to start making yearly payments of $5,000 into the fund to build it up until he retires. He expects to make his last payment into the withdrawing payments out of the fuge year after the last payment into the fund, he will start retirement for 15 years. How much can he mith. He estimates he only needs to fund his an effective interest rate of 5%. (6 marks)