On January 1, 1518, Dracky Lou deposited £17 into an accountearning an annual interest rate of 3%. Dracky Lou then took a longnap in his coffin, and woke up on January 1, 2018. Dracky Lou nowplans to make the following expenditures using money from thisaccount: On January 1, 2018, Dracky wishes to purchase a Blood Bankfor £12.5 million. On January 1, 2118, Dracky wishes to purchaseand modernize a crypt in Bucharest Romania. He estimates that thecost will be £225 million. Every year for the each of the next 30years, Dracky Lou wishes to donate £1 million to his favoriteauthor, Stephanie Niyer. The first donation will be on January 1,2019. On January 16, 2118 Dracky Lou plans to take another snooze.If he next wakes on January 1, 2218, how much money will he haveleft in his account? Assume a 3% annual interest ratethroughout.
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