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On January 1 , 1 5 1 8 , Dracky Lou deposited 1 7 into an account earning an annual interest rate of 3 %
On January Dracky Lou deposited into an account earning an annual
interest rate of Dracky Lou then took a long nap in his coffin, and woke up on
January
Dracky Lou plans to make the following expenditures using money from this
account:
On January Dracky wishes to purchase a Blood Bank for million.
On January Dracky wishes to purchase and modernize a crypt in Bucharest
Romania. He estimates that the cost will be million.
Every year for the each of the next years, Dracky Lou wishes to donate million
to his favorite author, Stephanie Niyer. The first donation will be on January
On January Dracky Lou plans to take another snooze. If he next wakes on
January how much money will he have left in his account?
Assume a annual interest rate throughout.
show work and formulas
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