You want to leave a small amount for two of your children, Julie, aged 68 and Fred, aged 63. Julie will retire at 70 (t = 2), as will Fred (t = 7). You want each to have $500,000 per year for the rest of their lives, payable at the beginning of each year. You expect each to live to 95. The annual interest rate is expected to be 9%.

How much money would you need to deposit today in an account to fund these kids' retirement?