E26-21 (similar to) -Question Help * Carol wants to take the next six years off work to travel around the world. She estimates her annual cash needs at $32000 (if she needs more, she will work odd jobs), Carol believes she can invest her savings at 8% until she depletes her funds Click the icon to view the Present Value of $1 table.)(Click the icon to view the Present Value of Annuity of $1 table ) (Click the icon to view the Future Value of SI table ) (Click the icon to view the Future Value of Annuity of $1 table Requirements 1. How much money does Carol need now to fund her travels? 2. After speaking with a number of banks, Carol learns she wil only be able to invest her funds at 6% How much does she need now to fund her travels? Requirement 1. How much money does Carol need now to fund her travels? (Round your answer to the nearest whole dollar ) With the 8% interest rate, Carol needs $ Reference Present Value of $1 0.90 0 980 0.971 062 09520943 0935 0926 0917 0.909 0893 0877 080 0862 0847 0833 2 0980 0961 0943 0925 0907 0890 0873 0857 0842 0826 0.797 0769 0756 0743 0718 0694 3 0971 0942 0915 0889 0864 0.840 0816 074 0.772 0.751 0.712 0675 0658 0641 0609 0579 40961 0924 0888 0855 0823 0792 0763 0736 0708 0683 0636 052 0,572 0552 0516 0482 5 0713 681 650 0621 567 0519 0497 0476 0437 0402 6 0942 0888 0837 0790 0746 0705 06660630 096 0564 0507 0456 0432 0410 0370 0335 7 | 0933 | 0871 | 0813 | 0760 | 0711 | 0665 | 0623 | 0.583 | 0547 | 0.513 | 0452 | 0400 | 0376 | 0354 | 0314 | 0279 8 0923 0853 0789 0731 0677 0627 0582 40 0502 0467 0404 031 0327 305 0266 0233 9 | 0914 | 0837 | 0766 | 0703 | 0645 | 0592 | 0544 | 0500 | 10 | 0905 | 08200744 | 0676 | 0614 | 0558 | 0.508 | 0463 | 0422 | 0386 | 0322 | 0270 | 0.2 | 0227 | 0191 | 0162 11 0896 0804 0722 0 650 0585 0527 0475 0429 0388 0350 0287 0237 0215 0.195 0162 013 12 0887 0788 0701 0625 0557 0497 0444 0397 0356 0319 0257 0208 0187 0168 0137 0 112 13 0.879 | 0773 | 0681 0.001105301 0469 0415 1 0368-1 0.326 1 0290 1 0229 10.1821 0.163101451 0.116 00931 0951 0906 0863 0822 0784 0747 0460 | 0424 | 0361 | 0308 | 0251 | 0.253 | 0.225 | 0194 0 Reference Present Value of Annuity of $1 1-0.990 980 971|0.962 0.952 094310935 0926 917T090 9t0893 0.877 0.870 0862 0847 0833 2 1970 1942 1913 1886 1859 1833 1808 1783 1759 1736 190 1647 1626 1605 1566 1528 3 2941 2884 2829 2775 2723 2673 2624 2577 2531 2487 2402 2322 2283 2246 2174 2105 4 | 3902 | 3808 | 3.717 | 3.630 | 3.546 | 3465 | 3387 | 3.312 | 3.240 | 3.170 | 3.037 | 2914 | 2855 | 2798 | 2690 | 2589 5 4853 4713 4580 4452 4329 4212 4100 399393605 3433 3352 3274 3127 2.991 6 5795 5.601 5417 5242 5076 4917 4767 4523 4486 4355 4.11 3889 3784 3685 3498 3326 7 6728 6472 62306002 576 5582 5389 5206 5.033 4868 4564 4288 160 4039 3812 3605 8 7652 7.325 7.020 6733 6463 6210 5971 5747 5535 5.335 4968 4639 4487 4344 4078 3837 9 | 8566 | 8162 | 7786 | 7435 | 7108 | 6.802 5515 | 6247 | 599 5759 | 5328 | 4946 | 4772 | 4607 | 4303 | 4031 10 | 9471 | 8983 8.530 | 8.111 | 7722 | 7360 | 7024 6710 | 64106145 | 5650 | 5216 | 5.019 | 4833 | 4494 | 4192 11 10368 9787 9253 8760 8.306 7887 7499 7139 6805 6495 59385453 5234 502 4656 4327 12 11 255 10575 994 9.385 8863 8384 7943 7536 7.161 6814 6.194 5660 5421 5197 4793 4439 13 12134 11.348 10635 9986 9.394 8853838 7.904 7487 7,103 6424 5842 5583 5.342 4910 4533 0
