A landlord wants to work only 10 more years and then retire. The landlord currently has

$300,000

in the bank. The landlord plans to purchase a

$250 , 000

apartment complex as an investment. The landlord also plans to invest the other

$50 , 000

,

and aim to have $1 million between the two investments to retire on. Complete parts 1. through 5. below.

Click here to see page one of the table for the future value of $1.00. LOADING...

Click here to see page two of the table for the future value of $1.00. LOADING...

Click here to see the table for the compound interest on $100, compounded daily. LOADING...

Click here to see the table for the present value of $1.00. LOADING...

1. The apartment the landlord purchased has appreciated by

3.5

%

per year over the last 30 years. Assuming this will continue, what would the future value of the

$250 comma 000

apartment be in 10 years?

answer:$352,650.00

ANSWER THIS:

2. The landlord's current bank offers a 1-year certificate of deposit account paying 2% compounded semiannually. A competitor bank is also offering 2%, but compounded daily. If the landlord invests the

$50 ,000

how much more money will the landlord have in the second bank after one year, due to the daily compounding?

$

(Round to the nearest cent as needed.)