Amy wants to take the next four years off work to travel around the world. She estimates her annual cash needs at $34,000 (if she needs more, she will work odd jobs). Amy believes she can invest her savings at 12% until she depletes her funds. (Click the icon to view Present Value of $1 table.) (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) Read the requirements. Requirement 1. How much money does Amy need now to fund her travels? (Round your answer to the nearest whole dollar.) With the 12% interest rate, Amy needs $ Requirement 2. After speaking with a number of banks, Amy learns she will only be able to invest her funds at 6%. How much does she need now to fund her travels? (Round your answer to the nearest whole dollar.) With a 6% interest rate, Amy would need $ If Amy's savings are earning a lower interest rate (6%), she will need to save to be able to withdraw $34,000 per year. Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 0.926 1 0.990 0.980 0.980 0.971 0.962 0.952 0.943 0.935 0.917 0.909 0.893 0.877 0.870 0.862 0.743 0.847 0.833 0.925 0.842 2 0.961 0.943 0.907 0.890 0.873 0.857 0.826 0.797 0.769 0.756 0.718 0.609 0.516 0.694 3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.712 0.675 0.658 0.641 0.579 4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 0.636 0.592 0.572 0.552 0.482 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 0.567 0.519 0.497 0.476 0.437 0.402 6 0.942 0.933 0.923 0.914 0.888 0.837 0.790 0.760 0.746 0.711 0.705 0.666 0.630 0.596 0.564 0.507 0456 0.432 0.410 0.370 0.335 0.279 0.583 0.547 0.871 0.813 0.665 0.623 0.513 0.467 0.452 0.400 0.376 0.354 0.314 7 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.404 0.351 0.327 0.305 0.266 0.233 0.703 0.837 0.766 0.645 0.592 0.544 0.500 0.460 0.424 0.361 0.308 0.284 0.263 0.225 0.194 0.386 0.270 10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0463 0.422 0.322 0.247 0.227 0.191 0.162 0.585 11 0.896 0.804 0.722 0.650 0.527 0.475 0.429 0.388 0.350 0.287 0.237 0.215 0.195 0.162 0.135 0.625 0.112 0.093 0.078 12 0.887 0.788 0.701 0.557 0.497 0.444 0.397 0.356 0.319 0.257 0.208 0.187 0.168 0.145 0.125 0.137 13 0.879 0.870 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 0.229 0.182 0.163 0.116 0.263 14 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.205 0.160 0.141 0.099 15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 0.183 0.140 0.123 0.108 0.084 0.065 16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.163 0.123 0.107 0.093 0.071 0.054 0.513 0.436 0.060 0.051 0.043 17 0.844 0.714 0.605 0.371 0.317 0.270 0.231 0.198 0.146 0.108 0.093 0.080 0.045 0.095 0.083 0.073 18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 0.250 0.212 0.180 0.130 0.081 0.069 0.038 0.164 0.149 0.331 0.312 19 0.828 0.686 0.570 0.475 0.456 0.396 0.277 0.232 0.194 0.116 0.070 0.060 0.031 0.026 20 0.820 0.673 0.554 0.377 0.258 0.215 0.178 0.104 0.061 0.051 0.037 0.093 0.022 21 0.811 0.660 0.538 0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.064 0.053 0.044 0.031 22 n R03 0.422 0242 049A 0450 0403 0.082 0.056. 0.046 0.030 n.026 0010 Present Value of Ordinary Annuity of $1 12% Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 14% 0.877 15% 16% 18% 20% 0.943 1 0.990 0.980 0.971 0.962 0.952 0.935 0.926 0.917 0.909 0.893 0.870 0.862 0.847 0.833 1.736 2 1.970 1.942 1.913 1.886 1.859 2.723 1.833 1.808 1.783 1.759 1.690 1.647 1.626 1.605 1.566 1.528 3 2.941 2.884 2.829 2.775 2.673 2.624 2.577 2.531 2.487 2.402 2.322 2.283 2.246 2.174 2.106 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 2.914 2.855 2.798 2.690 2.589 4.212 4.100 3.890 4.853 4.713 4.580 4.452 4.329 3.993 3.791 3.605 3.433 3.352 3.274 3.127 2.991 5 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.111 3.889 3.784 3.685 3.498 3.326 6.472 5.389 5.206 5.033 4.160 3.812 6.728 6.230 6.002 5.786 5.582 4.868 4.564 4.288 4.039 3.605 7 7.652 6.463 4.639 4.946 5.216 4.487 4.772 7.325 7.020 6.733 6.210 5.971 5.535 5.335 4.968 4.344 4.078 3.837 5.747 8.162 8.983 8.566 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.328 4.607 4.303 4.031 7.722 10 9.471 8.530 8.111 7.360 7.024 6.710 6.418 6.145 5.650 5.019 4.833 4.494 4.192 11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 5.938 5.453 5.234 5.029 4.656 4.327 11.255 10.575 9.954 12.134 11.348 10.635 13.004 12.106 11.296 10.563 13.865 12.849 11.938 11.11810.380 9.712 9.108 4.793 4.439 12 9.385 8.863 8.384 7.943 7.536 7.161 6.814 6.194 5.660 5.421 5.197 13 9.986 9.394 8.853 8.358 7.904 7,487 7.103 6.424 5.842 5.583 5.342 4.910 5.008 4.533 14 9.899 9.295 8.745 8.244 7.786 7.367 6.628 6.002 5.724 5.468 4.611 15 8.559 8.061 7.606 6.811 6.142 5.847 5.092 4.675 5.575 14.718 13.578 12.561 11.652 10.838 10.106 16 9.447 8.851 8.313 7.824 6.974 6.265 5.954 5.669 5.162 4.730 15.562 14.292 13.166 12.166 11.274 10.477 8.022 8.201 6.047 5.749 5.818 5.222 5.273 17 9.763 9.122 8.544 7.120 6.373 4.775 16.398 14.992 13.754 12.659 11.690 10.828 10.059 18 9.372 8.756 7.250 6.467 6.128 4.812 17.226 15.678 14.324 13.134 12.085 11.158 10.336 6.198 6.259 19 9.604 8.950 8.365 7.366 6.550 5.877 5.316 4.844 18.046 16.351 14.877 13.590 12.462 11.470 10.594 7.469 20 9.818 9.129 8.514 6.623 5.929 5.353 4.870 18.857 17.011 15.415 14.029 12.821 11.764 10.836 10.017 6.312 21 9.292 8.649 7.562 6.687 5.973 5.384 4.891 coN Future Value of $1 Periods 2% 3% 8% 1% 4% 5% 6% 7% 9% 10% 12% 14% 15% 1 1.010 1.020 1.030 1.040 1.050 1.103 1.060 1.070 1.080 1.090 1.100 1.120 1.140 1.300 1.482 1.689 1.150 1.166 1.260 1.188 1.020 1.040 1.061 1.082 1.124 1.145 1.210 1.254 1.323 3 1.030 1.061 1.093 1.125 1.158 1.191 1.225 1.295 1.331 1.405 1.521 1.749 2.011 1.082 1.104 1.041 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.539 1.464 1.574 4 1.469 1.051 1.159 1.217 1.276 1.338 1.403 1,611 1.762 1.925 5 6 1.062 1.126 1.194 1.265 1.316 1.340 1.419 1.501 1.587 1.677 1.828 1.993 2.172 1.772 1.974 2.195 2.313 1.949 1.072 1.149 1.230 1.407 1.504 1.606 1.714 2.211 2.502 2.660 7 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 2.144 2.476 2.853 3.059 9 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2.358 2.773 3.252 3.518 10 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594 3.106 3.707 4.046 1.116 1.243 1.384 1.539 1.710 1.898 2.105 2.332 2.580 2.853 3.479 4,226 4.652 11 3.896 12 1.127 1.268 1.294 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.066 3.342 3.138 4.818 5.350 5.492 13 1.138 1.469 1.665 1.732 1.886 2.133 2.410 2.720 3.452 4.363 6.153 14 1.149 1.319 1.513 1.980 2.261 2.579 2.937 3.172 3.798 4.887 6.261 7.076 2.079 15 1.161 1.346 1.558 1.801 2.397 2.759 3.642 4.177 5.474 7,138 8.137 16 1.173 1.373 1.605 1.873 2.183 2.292 2.540 2.952 3.426 3.970 4.595 6.130 8.137 9.358 17 1.184 1.400 1.653 1.948 2.693 3.159 3.700 4,328 5.054 6.866 9.276 10.76 12.38 18 1.196 1.428 1.702 1.754 2.026 2407 2.854 3.380 3.996 4.717 5.560 7.690 10.58 8.613 19 1.208 1.457 2.107 2.527 3.026 3.617 4.316 5.142 6.116 12.06 14.23 20 1.220 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 6.727 9.646 13.74 16.37 21 1.232 1.516 1.860 2.279 2.786 3.400 4.141 5.034 6.109 7.400 10.80 15.67 18.82 4 40 22 4 45 4 016 2270 025 2 604 AA20 5 427 A0 47 R6 Future Value of Ordinary Annuity of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 1,000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 3.278 4.573 2.100 2.120 2.140 2.150 3 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.310 3.374 3.440 3.473 4.060 4.122 4.184 4,246 4,310 4,375 4.440 4.506 4.641 4.779 4.921 4.993 5.101 5.204 5.309 5.416 5.526 5.637 5.867 5.985 6.105 6.353 6.610 6.742 5 5.751 6.975 8.536 10.73 8.754 6.152 6.308 6.468 7,662 6.633 6.802 7.153 7.336 7.523 7,716 8.115 7.898 7.214 7.434 8.142 8.394 8.654 8.923 10.64 9.200 9.487 10.09 11.07 7 9.549 11.03 12.58 8 8.286 8.583 8.892 9.214 9.897 10.260 11.03 11.44 12.30 13.23 13.73 13.58 15.94 9 9.369 9.755 10.16 10.58 11.49 11.98 12.49 13.02 14.78 16.09 16.79 13.18 10 10.46 10.95 11.46 12.01 13.82 14.49 15.19 17.55 19.34 20.30 20.65 11 11.57 12.17 12.81 13.49 14.21 14.97 15.78 16.65 17.56 18.53 23.04 24.35 13.41 12 12.68 14.19 15.03 15.92 16.87 17.89 18.98 20.14 21.38 24.13 27.27 29.00 34.35 13 13.81 14.68 15.62 16.63 17.71 18.88 20.14 21.50 22.95 24,52 28.03 32.09 14 14.95 15.97 17.09 18.29 19.60 21.02 22,55 24.21 26.02 27.98 32.39 37,58 40.50 47.58 15 16.10 17.29 18.60 20.02 21.58 23.28 25.13 27.15 29.36 31.77 37.28 43.84 21.82 23.70 23.66 30.32 16 17.26 18.64 20.16 25.67 27.89 33.00 35.95 42.75 50.98 55.72 17 18.43 20.01 21.76 25.84 28.21 30.84 33.75 36.97 40.54 48.88 59.12 65.08 18 19.61 21.41 23.41 25.65 28.13 30.91 34.00 37.45 41.30 45.60 68.39 75.84 55.75 88.21 19 20.81 22.84 25.12 27.67 30.54 33.76 37.38 41.45 46.02 51.16 63.44 78.97 20 22.02 24.30 26.87 29.78 33.07 36.79 41.00 45.76 51.16 57.28 72.05 91.02 102.4 21 23.24 25.78 28.68 31.97 35.72 39.99 44.87 50.42 56.76 64.00 81.70 104.8 118.8 22 24 A7 27 30 20 FA 24 25 30 51 A 30 A0.01 55 46 62.97 74 A0 02 50 120 4 137 6