I need a tutor to verify that my answer is correct, please.

Problem: 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 soire yearly and forever. What amount would you like to spend yearly to fund this grand 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?

My Answer: To assess the value of an investment needed to support the yearly party, I need to resolve three inquires.

1)What amount would I like to spend per year to fund the grand party? A reasonable amount that would cover all expenses would be $10,000.

2)HowmuchmoneydoI have to leave to my heirs 50 years from now if it will compound at a 6% interest rate? The first thing I need to figure out is my future value (FV). This amount is calculated by dividing my annuity of $10,000 by the compounding rate (given 6%), 10,000 / 0.06 = $166,666.66 and is the amount necessary to generate the $10,000 annuity every year and forever considering the 6% compounding rate.

3)If I have not invested anything today, how much would I have to invest yearly to fully funding the annuity in 50 years, again assuming a 6% monthly compounding rate? Here I need to solve for my annual payment, which I can compute using a TVM calculator or Excel. The variables are FV = 166,666.66, R = 6%, N (or period) = 50; therefore, the annual payment compounding at 6% monthly resulted in -$2,942.29.