Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answers 1 & 2 are correct, I only need req 2 multiple choice answered, is it more or less. Samantha wants to take the next
answers 1 & 2 are correct, I only need req 2 multiple choice answered, is it more or less.
Samantha wants to take the next six years of work to travel around the world. She estimates her annual cash needs at $28,000 (if she needs more, she'll work odd jobs). Samantha believes she can invest her savings at 8% until she depletes her funds. (Click the icon to view the present value annuity table.) (Click the icon to view the present value table.) (Click the icon to view the future value annuity table.) 2 (Click the icon to view the future value table.) Requirements 1. How much money does Samantha need now to fund her travels? 2. After checking with a number of banks, Samantha learns she'll be able to invest her funds only at 6%. How much does she need now to fund her travels? Requirement 1. How much money does Samantha need now to fund her travels? Calculate how much money Samantha needs now to fund her travels. (Round your answers to the nearest whole dollar.) With the 8% interest rate, Samantha needs $ 129,444 Requirement 2. After checking with a number of banks, Samantha learns she'll be able to invest her funds only at 6%. How much does she need now to fund her travels? Calculate how much she needs to fund her travels if she didn't get the 8% interest rate she had originally planned. (Round your answers to the nearest whole dollar.) With a 6% interest rate, Samantha would need $ 137,676 If Samantha's savings are earning a lower interest rate (6%), she'll need to save to be able to withdraw $28,000 per year. more less Click to select your answer(s) and then click CheckStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started