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Charles Howard just discovered a one-time use, two-way time portal in the back room of a gas station. He can use the portal to travel to the time: Jan 1, 1936, stay for the day, and then return to Jan 1, 2021. Charles wants to cash in on his discovery by depositing money into a bank account while in 1936. When he returns to 2021, Charles wishes to:

• Purchase a mansion for 19 million dollars immediately.

• Maintain a luxury lifestyle, which Charles estimates will cost $2 million per year for the next 40 years.

• Purchase a professional sports team in 2025 for an estimated cost of $45 million.

• Donate $50 million to his favorite college on Jan 1, 2051.

If Charles can earn 13% percent per year (simple annual rate), how much does Charles need to deposit on Jan 1, 1936 in order to be able to pay for his planned future expenditures?

Reference no: EM132622568

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