Question
On January 1, 1518, Dracky Lou deposited 17 into an account earning an annual interest rate of 3%. Dracky Lou then took a long nap
On January 1, 1518, Dracky Lou deposited 17 into an account earning an annual interest rate of 3%. Dracky Lou then took a long nap in his coffin, and woke up on January 1, 2018. Dracky Lou now plans to make the following expenditures using money from this account:
On January 1, 2018, Dracky wishes to purchase a Blood Bank for 12.5 million. On January 1, 2118, Dracky wishes to purchase and modernize a crypt in Bucharest Romania. He estimates that the cost will be 220 million.
Every year for the each of the next 30 years, Dracky Lou wishes to donate 1 million to his favorite author, Stephanie Niyer. The first donation will be on January 1, 2019
. On January 16, 2118 Dracky Lou plans to take another snooze. If he next wakes on January 1, 2218, how much money will he have left in his account? Assume a 3% annual interest rate throughout.
Please provide detailed answer
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