Christine wants to take the next four years off work to travel around the world. She estimates her annual cash needs at $31,000 (if she needs more, she'll work odd jobs) Christine believes she can invest her savings at 6% 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.) (Click the icon to view the future value table.) Requirements 1. How much money does Christine need now to fund her travels? 2. After checking with a number of banks, Christine learns she'll be able to invest her funds only at 4%. How much does she need now to fund her travels? Requirement 1. How much money does Christine need now to fund her travels? Calculate how much money Christine needs now to fund her travels. (Round your answers to the nearest whole dollar.) With the 6% interest rate, Christine needs $ . Present Value of Annuity of $1 Periods % 2% 3% 4% 5% 6% 8% 10% 12% 0.990 0.980 0971 0.962 | 0.952 0943 0.926 | 0.909 0.893 2 1.970 1.942 1.913 1.886 1.859 1.833 1.783 1736 1690 241 2.884 2829 2.75 2723 2673 2.577 2487 2402 4 3902 3.808 | 3717 3.630 3.546 3.465 3.312 | 3.170 3037 5 4.853 4.713 4.580 4.452 4.329 4.212 3.993 3791 3605 5.795 5.601 5417 5.242 5.076 4917 4.623 4.355 4.111 6.728 6.472 6.230 6002 5.786 5.582 5.206 4.868 4.564 7652 7.325 7020 6.733 6.463 6.210 5.747] 5.335 4.968 8.566 8.162 7.786 7.435 | 7.108 6.802 | 6.247 5.759 | 5.328 10 9471 8.983 8.530 8.111 7.722 7.360 6.70 16.145 5.650 11 10.368| 9.787 9253 8.760 | 8.306 7.887 7.139 6.495 5.938 12 11.255 | 10.575 | 9954 9.385 8.863 8.384 7.536 6814 6.194 13 12.134 | 11.348 | 10.635 | 9.986 | 9.394 8853 7.904 17.103 6.424 14 13.004 | 12.106 | 11.296 | 10.563 | 9.899 9295 8.244 7.367 6628 15 13.865 | 12.849 | 11.938 | 11.118| 10.380 | 9712 8.559 7.606 6811 20 18.046 | 16.351| 14.87] 13.590 | 12.462 | 11.470 | 9.818 8.514 7469 25 22.023 | 19.523 | 17.413 | 15.622 | 14.094 | 12.783 | 10675 | 9.07 743 30 25.808 | 22.396 | 19.600 | 17.292 | 15.372 | 13.765 | 11.258 | 9427 8055 40 32.835127.355 | 23.115 | 19.793 | 17.159 | 15.046 | 192519779 8.244 E78 up 14% 16% 18% 20% 0.877 0862 0.847 0833 1.647 1605 1.566 1.528 2.322 | 2.246 2.174 2. 106 2914 2798 2.690 2.589 3.433 3.274 3.127 2991 13.889 3.685 3498 3.326 4.288 4.039 3.812 | 3.605 4.639 4.344 4.078 3.837 4.946 14.607 4.303 | 4.031 5.216 4.833 4.494 4.192 5.453 | 5.029 4.656 4.327 5.660 5.197 | 4.793 4.439 5.842 | 5.342 4.90 | 4.533 6.002 | 5468 5.008 14.611 6.142 5.575 5.092 | 4.675 6.623 | 5.929 | 5.353 4.870 6.873 | 6.097 5.467 4.948 7.003 6.17 5.517 4.979 7.105 6.233 5.548 4.997 Periods 1 1.000 2 3 1% 1.000 2.010 3.030 4.060 5.101 3% 1.000 2.030 3.091 4.184 5.309 4% 1.000 2.040 3.122 4.246 12% 1.000 2.120 3.374 4.779 6.353 4 5 5.416 6.877 6 7 8 9 10 6.152 7.214 8.286 9.369 10.462 2% 1.000 2.020 3.060 4.122 5.204 6.308 7.434 8.583 9.755 10.950 12.169 13.412 14.680 15.974 17.293 24.297 32.030 40.568 60.402 6.468 7.662 8.892 10.159 11.464 12.808 14.192 15.618 17.086 18.599 8.115 10.089 12.300 14.776 17.549 Future Value of Annuity of $1 5% 6% 8% 10% 1.000 1.000 1.000 1.000 2.050 2.060 2.080 2.100 3.153 3.184 3.246 3.310 4.310 4.375 4.506 4.641 5.526 5.637 5.867 6.105 6.802 6.975 7.336 7.716 8.142 8.394 8.923 9.487 9.549 9.897 10.637 11.436 11.027 11.491 12.488 13.579 12.578 13.181 14.487 15.937 14.207 14.972 16.645 18.531 15.917 16.870 18.977 21.384 17.713 18.882 21.495 24.523 19.599 21.015 24.215 27.975 21.579 23.276 27.152 31.772 33.066 36.786 45.762 57 275 47.727 54.865 73.106 98.347 66.439 79.058 113.283 164.494 120.800 154.762 259.057 442.593 6.633 7.898 9.214 10.583 12.006 13.486 15.026 16.627 18.292 20.024 14% 16% 18% 20% 1.000 1.000 1.000 2.140 2.160 2.180 2.200 3.440 3.506 3.572 3.640 4.921 5.066 5.215 5.368 6.610 7.154 7.442 8.536 8.977 9.442 9.930 10.730 11.414 12.142 12.916 13.233 14.240 15.327 16.499 16.085 17.519 19.086 20.799 19.337 21.321 23.521 25.959 23.045 25.733 28.755 32.150 27.271 30.850 34.931 39.581 32.089 36.786 42.219 48.497 37.581 43.672 50.818 59.196 43.842 51.660 60.965 72.035 91.025 146.628 186.688 181.871 249.214 342.603 471.981 356.787 530.312 790.948 1,181.882 1,342.025 2,360.757 4,163.213 7,343.858 11 12 13 14 15 11.567 12.683 13.809 14.947 16.097 20.655 24.133 28.029 32.393 37.280 72.052 133.334 241.333 767.091 115.380 20 25 30 40 22.019 28.243 34.785 48.886 26.870 36.459 47.575 75.401 29.778 41.646 56.085 95.026 Present Value of $1 - 3% 0971 0.943 0915 0.888 0.863 4% 0962 0925 0889 0.855 0822 5% 0952 0.907 0.864 0.823 0.784 6% 0.943 0.890 0.840 0792 10.747 8% 0926 0.857 0.794 0.735 0681 10% 0.909 0.826 0.751 0.683 0.621 20% 0.833 0.694 0579 0.482 0.402 Periods 2% 0.990 0.980 2 0.980 0.961 3 0971 0.942 4 0961 0.924 5 0951 0.906 6 10.942 | 0.888 7 0.933 0.871 8 0923 0.853 9 0914 0.837 10 0.905 0.820 11 0.896 0.804 12 0.887 0.788 13 0879 0.73 14 0870 0.758 15 0861 0743 20 0.820 0.673 25 0780 0610 30 0742 0.552 40 0672 0.453 18% 0.847 0718 0.609 0.516 0.437 0370 0314 0266 0225 0191 0.837 10.813 0.789 0766 0744 0790 0.760 0731 0.703 0.676 0.335 0.279 0.233 0.194 0.162 12% 14% 16% 0.893 0.877 0.862 0.797 1 0.769 0743 0712 0.675 0.641 0636 0.592 0.552 0.567 10.519 0.476 0.507 | 0.456 0.410 0.452 0.400 0.354 0404 0.351 0.305 0.361 0.308 0263 0.322 10.270 | 0.227 0287 0237 0.195 0.257 1 0.208 0.168 0.229 0.182 0.145 0205 0.160 0.125 0183 0.140 10.108 0.104 0.073 0.051 0.059 0.038 0.024 0.033 0020 0.012 0011 0.005 0.003 0630 0.583 0.540 0.500 0.463 0429 0.397 0.368 0.340 0315 0.746 0.705 0.711 0.665 067 0.627 0645 0.592 0.614 10.558 0.585 0.527 0.557 0497 0.530 0469 0.505 0442 0.481 | 0417 0.377 0.312 0.295 0.233 0.231 0.174 0.142 0.097 0.722 0701 0.681 0.661 0.642 0.650 0.625 0.601 0.577 0.555 0.564 0513 0.467 0.424 0.386 0.350 0.319 0.290 0263 10.239 0.149 0.092 0.057 0.022 0.162 0.137 0116 0.099 0.084 0.135 0.112 0.093 0.078 0.065 0554 0.478 0.412 0.307 0456 0375 0.308 0208 0.215 0.146 0.099 0046 0.037 0016 0.007 0001 0.026 0.010 0.004 0.001 Future Value of $1 Periods 1 2 3 4 5 1% 1010 1.020 1.030 1041 1.051 2% 1.020 1.040 1.061 11.082 1.104 3% 1.030 1.061 1.093 1.126 1.159 4% 1.040 1.082 1.125 1.170 1217 5% 1.050 1.103 1.158 1216 6% 1.060 1.124 1191 1.262 1.338 8% 1.080 1.166 1.260 1.360 1.469 10% 1.100 1210 1.331 1.464 1611 12% 1.120 1.254 1.405 1.574 1.762 14% 1.140 1.300 1.482 1.689 1.925 2.195 2502 2.853 3.252 3.707 16% 1.160 1.346 1.561 1.811 2100 18% 1.180 1.392 1.643 1.939 2.288 1276 20% 1.200 1.440 1.728 2.074 2488 2.986 3.583 4.300 5.160 6.192 6 7 8 9 10 1.062 1.072 1.083 1.094 1. 105 1.126 1.149 1.172 1.195 1219 1.194 1.230 1267 1.305 1.344 1.265 1.316 1369 1.423 1.480 1.340 1.407 1.477 1.551 1.629 1419 1.504 1.594 1689 1.791 1.587 1714 1.851 1772 1.949 2144 2.358 2594 1.974 2211 2476 2773 3.106 2436 2.826 3278 3803 4.411 2.700 3.185 13.759 4.435 5.234 1.999 2159 1898 2012 11 12 3 14 15 116 1.127 1.138 1.149 1161 1.243 1.268 1.294 1.319 1.346 1.384 1.426 1469 1513 1.558 1539 1.601 1.665 1.732 1.801 1710 1.796 1.886 1.980 2079 2.133 2.332 2518 2720 2937 3.172 4.661 6.848 10.063 21725 2853 3.138 3.452 3.797 417 3479 3.896 4.363 4.887 5474 4.226 4.818 5492 6.261 7.138 5.117 5936 6886 7968 9266 6.176 7.288 8.599 10.147 11.974 7430 8916 10.699 12.839 15.407 2261 2397 1.486 1.806 6727 8646 1.220 1.282 1.348 1.488 1.641 1.811 2.208 2094 2427 3.262 2.191 2.666 3243 4.801 2653 3.386 4.322 7.040 3207 4.292 5.743 10.286 10.835 17.449 45.259 17.000 29.960 93.051 13.743 26.462 50.950 188.884 19.461 40.874 85.850 378.721 27.393 62.669 143.371 38.338 95.396 237.376 1,469.772 40 750378