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Jean-Guy Renoir wanted to leave some money to his grandchildren in his will. He decided that...

Jean-Guy Renoir wanted to leave some money to his grandchildren in his will. He decided that they should each receive the same amount of money when they each turn 21. When he died, his grandchildren were 19, 16, and 13 years old. How much will they each receive when they turn 21 if Jean-Guy left a lump sum of $50 000 to be shared among them equally? Assume the interest rate will remain at 7.75% p.a. compounded semi-annually from the time of Jean-Guy’s death until the youngest grandchild turns 21.

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