Problem 19-25 (LO. 1)

Barry creates a trust with property valued at $7,000,000. Under the terms of the trust instrument, Michelle (age 48) receives a life estate, while Jiaxu (age 24) receives the remainder interest. In the month the trust is created, the appropriate interest rate is 4.4%. Determine the value of Barry's gifts.

Click here to access the table to use for the problem.

Do not round your intermediate computations. If required, round the final answers to the nearest dollar.

The value of the remainder interest is $fill in the blank 1, and the value of the life estate is $fill in the blank 2.