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You wish to leave an endowment for your heirs that goes into effect 50 years from...

You wish to leave an endowment for your heirs that goes into effect 50 years from today. You don’t want to be forgotten after you pass so you wish to leave an endowment that will pay for a grand soirée yearly and forever. You wish your heirs to spend $5,000 each year on the party. How much money do you have to leave to your heirs 50 years from now assuming that will compound at 6% interest? Assuming that you have not invested anything today, how much would you have to invest yearly to fully fund the annuity in 50 years, again assuming a 6% monthly compounding rate?

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The answer has been presenetd in the supporting sheet. For detailed answer refer to the supporting sheet.

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