You have just inherited a large sum of money. You would like to make good use of your inheritance by putting it into an account that serves your retirement needs. You are planning your retirement and current expenditure. Your retirement plan requires you to deposit today (January 1, 2016) a lump sum in a bank account paying 10% compounded daily. You do not touch this sum until you retire 10 years from now, January 1, 2026, and you plan on living 20 additional years. During your retirement you would like to receive $200,000 per year to be received the first day of each year, with the first payment on January 1, 2026 and the last payment on January 1, 2045. Things are a little complicated because you want to have some fling for about 3 years starting January 1, 2041 for which you withdraw $400,000. Therefore you don not withdraw on January 1, 2042, and January 1, 2043. Furthermore when you pass away you would like to leave about $500,000 for your loved ones.

What is your inheritance amount?