You recently inherited $1,000,000 from a long-lost aunt, and are trying to decide what to do with it. Your friends are telling you "YOLO, spend the money and have fun!" while your parents are saying "save it for a rainy day goal." After thinking about it, you decide to take partial advice from both groups. It is your goal to use your aunt's money to pay cash for a $2,000,000 home 10 years from today, and it is also your goal to throw a big party for you and your friends today.

(a) How much would you have to invest in an account, whose interest is 7% compounded quarterly, in order to just have enough to buy the house?

(b) And how much money will you have left over from the inheritance for your big party today?