Gretchen wants to take the next five years off work to travel around the world. She estimates her annual cash needs at $35,000 (if she needs more, she will work odd jobs). Gretchen believes she can invest her savings at 10% 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 $1 table.) Click the icon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. Requirement 1. How much money does Gretchen need now to fund her travels? (Round your answer to the nearest whole dollar.) With the 10% interest rate, Gretchen needs $ 132,685 Requirement 2. After speaking with a number of banks, Gretchen 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, Gretchen would need $ 0 Requirements 1. How much money does Gretchen need now to fund her travels? 2. After speaking with a number of banks, Gretchen learns she will only be able to invest her funds at 6%. How much does she need now to fund her travels? Print Done i Reference Present Value of $1 Periods 0.497 1% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820 0.811 0.803 0.795 0.788 0.780 0.772 0.764 0.757 0.749 0.742 0.672 0.608 2% 3% 4% 0.980 0.971 0.962 0.961 0.943 0.925 0.942 0.915 0.889 0.924 0.888 0.855 0.906 0.863 0.822 0.888 0.837 | 0.790 0.871 0.813 0.760 0.853 0.789 0.731 0.837 0.766 0.703 0.820 0.744 0.676 0.8040.722 0.650 0.788 0.701 0.625 0.773 0.681 0.601 0.758 0.661 0.577 0.743 0.642 0.555 0.7280.623 0.534 0.714 0.605 0.700 0.587 0.494 0.686 0.570 0.475 0.673 0.554 0.456 0.660 0.538 0.439 0.522 0.422 0.634 0.507 0.406 0.622 0.492 0.390 0.610 0.478 0.375 0.598 0.464 0.361 0.586 0.450 0.347 0.574 0.437 0.333 0.563 0.424 0.321 0.552 0.412 0.308 0.453 0.307 0.208 0.372 0.228 0.141 5% 6% 0.952 0.943 0.907 0.890 0.864 0.840 0.823 0.792 0.784 0.747 0.746 0.705 0.711 0.665 0.677 0.627 0.645 0.592 0.614 0.558 0.585 0.527 0.557 0.530 0.469 0.505 0.442 0.481 0.417 0.458 0.394 0.436 0.371 0.416 0.350 0.396 0.331 0.377 0.312 0.359 0.294 0.342 0.278 0.326 0.262 0.310 0.247 0.295 0.233 0.281 0.220 0.268 0.207 0.255 0.196 0.243 0.185 0.231 0.174 0.1420.097 0.087 0.054 7% 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258 0.242 0.226 0.211 0.197 0.184 0.172 0.161 0.150 0.141 8% 9% 10% 0.926 0.917 0.909 0.857 0.842 0.826 0.794 0.772 0.751 0.735 0.708 0.683 0.681 0.650 0.621 0.630 0.596 0.564 0.5830.547 0.513 0.540 0.502 0.467 0.500 0.460 0.424 0.463 0.422 0.386 0.429 0.388 0.350 0.397 0.356 0.319 0.368 0.326 0.290 0.340 0.299 0.263 0.315 0.275 0.239 0.252 | 0.218 0.270 0.231 0.198 0.250 0.212 0.180 0.232 0.194 | 0.164 0.215 0.178 | 0.149 0.1990.1640.135 0.184 0.150 0.123 0.1700.138 0.112 0.158 0.126 0.102 0.146 0.116 | 0.092 0.135 0.106 0.084 0.125 0.098 | 0.076 | 0.116 0.090 | 0.069 0.107 0.082 0.063 0.099 0.075 0.057 0.046 0.032 0.022 0.021 0.013 0.009 0.292 12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 | 0.257 0.229 0.205 0.183 0.163 0.146 0.130 | 0.116 0.104 0.093 0.083 0.074 | 0.066 0.059 0.053 0.047 0.042 0.037 0.033 0.011 0.003 14% 15% 0.877 0.870 0.769 0.756 0.675 0.658 0.592 0.572 | 0.519 0.497 0.456 0.432 | 0.400 0.376 0.351 0.327 | 0.284 0.270 0.247 0.237 0.215 0.208 0.187 0.182 0.163 0.160 0.141 0.140 0.123 0.123 0.107 0.108 0.093 0.095 0.081 0.083 0.070 0.073 0.061 0.064 0.053 0.056 0.046 0.049 0.040 0.043 0.035 0.038 0.030 0.033 0.026 0.029 0.023 0.026 0.020 0.022 0.017 0.020 0.015 0.005 0.004 0.001 0.001 16% 18% 20% 0.862 0.847 | 0.833 0.743 0.718 0.694 0.641 0.609 0.579 0.552 0.516 0.482 0.476 0.437 0.402 0.410 0.370 0.335 0.354 0.314 0.279 0.305 0.266 0.233 0.263 0.225 0.194 0.227 0.191 0.162 0.1950.162 0.135 0.168 0.137 0.112 0.145 0.116 0.093 0.125 0.099 0.078 0.108 0.084 0.065 0.093 0.071 0.054 0.080 0.060 0.045 0.069 0.051 0.038 0.060 0.043 0.031 0.051 0.037 0.026 0.044 0.031 0.022 0.038 0.026 0.018 0.033 0.022 0.015 0.028 0.019 0.013 0.024 0.016 0.010 0.021 0.014 0.009 0.0180.011 0.007 0.0160.010 0.006 0.014 0.008 0.005 0.004 0.003 0.001 0.001 0.001 0.513 0.647 0.067 0.034 Print Done Reference Periods 1% 1.010 1.020 1.030 1.041 2% 1.020 1.040 1.061 1.082 1.104 9% 1.090 1.188 1.295 1.412 1.539 10% 1.100 1.210 1.331 1.464 1.611 15% 1.150 | 1.323 1.521 1.749 2011 2.313 2.660 1.772 1.949 2.144 2.358 2.594 3.059 1.062 1.072 1.083 1.094 1.105 1.116 1.127 1.138 1.149 1.161 1.173 1.184 1.196 1.208 1.220 1.232 1.245 1.257 1.270 1.282 1.295 1.308 1.321 1.335 1.348 1.489 1.645 3% 4% 5% 1.030 1.040 1.050 1.061 1.0821.103 1.093 | 1.125 1.158 1.126 1.170 1.216 1.159 1.217 1.276 1.194 1.265 1.340 1.230 1.316 1.407 1.267 | 1.369 1.477 1.305 1.423 1.551 1.344 1.480 1.629 1.384 1.539 1.710 1.426 1.601 1.796 1.469 1.665 1.886 1.513 1.732 1.980 1.558 1.801 2.079 1.605 1.873 2.183 1.653 1.948 1.702 2.026 1.754 2.107 1.806 2.191 2.653 1.860 2.279 1.916 2.370 2.925 1.974 2.465 2.033 2.563 2.094 2.666 3.386 2.157 2.772 3.556 2.221 2.883 .733 2.288 2.999 920 2.357 3.119 4.116 2.427 3.243 4.322 3.262 4.801 7.040 4.384 7.107 11.47 1.126 | 1.149 | 1.172 1.195 1.219 1.243 1.268 | 1.294 1.319 1.346 1.373 1.400 1.428 1.457 1.486 1.516 1.546 1.577 1.608 1.641 1.673 1.707 1.741 1.776 1.811 2.208 2.692 Future Value of $1 6% 7% 18% 1.060 | 1.070 1.080 1.124 1.145 1.166 1.191 1.225 1.260 1.262 1.311 1.360 1.338 1.403 1.469 1.419 | 1.501 1.587 1.504 1.606 1.714 1.594 | 1.718 1.851 1.689 1.838 1.999 1.791 1.967 2.159 1.898 2.105 | 2.332 2012 2.252 2.518 2.133 2410 2.720 2.261 2.579 2.937 2.397 2.759 3.172 2.540 2.952 3.426 2.693 3.159 3.700 2.854 3.380 | 3.996 3.026 3.617 4.316 3.207 3.870 4.661 3.400 | 4.141 5.034 3.604 4.430 5.437 3.820 4.741 5.871 4.049 5.072 6.341 4.292 5.427 6.848 4.549 5.807 7.396 4.822 6.214 7.988 5.112 6.649 8.627 5.418 7.114 9.317 5.743 7.612 10.06 10.29 14.97 21.72 18.42 29.46 46.90 1.677 1.828 1.993 2.172 2.367 2.580 2.813 3.066 3.342 3.642 3.970 4.328 4.717 5.142 5.604 6.109 6.659 7.258 7.911 8.623 2.292 12% 14% 1.120 1.140 1.254 1.300 1.405 | 1.482 1.574 1.689 1.762 1.925 1.974 2.195 2.211 2.502 2.476 2.853 2.773 3.252 3.106 3.707 3.479 4.226 3.896 4.818 4.363 5.492 4.887 6.261 5.474 7.138 6.130 8.137 6.8669.276 7.690 10.58 8.613 12.06 9.646 13.74 10.80 15.67 12.10 17.86 13.55 20.36 15.18 23.21 17.00 26.46 19.04 30.17 21.32 34.39 23.88 39.20 26.75 44.69 29.96 50.95 93.05 188.9 289.0 700. 2 2.853 3.138 3.452 3.798 4.177 4.595 5.054 5.560 6.116 6.727 7.400 8.140 8.954 9.850 10.83 11.92 13.11 14.42 3.518 4.046 4.652 5.350 6.153 7.076 8.137 9.358 10.76 12.38 14.23 16.37 18.82 21.64 24.89 28.63 32.92 2.527 2786 3.072 3.225 9.399 10.25 11.17 12.17 13.27 31.41 74.36 17.45 45.26 117.4 66.21 267.9 1,084 Print Done Done i Reference Periods 7487 | Present Value of Ordinary Annuity of $1 |1 | 2 | 3 | 4 | 59 6 | 7ml | | 9 | 10 | 12| 1481 1591 166 | 188 | 208 001 0.90 1 097110952 | 0.352 | 0.343 | 0.335 | 0.325 | 0317 | 0.90 | 0.83 | 1877 | 0.3701 0.862 10.247 0.333 1.370 | 1.342 1.313 | 1.826 1.255 | 1.88 | 1.808 | 1.783 1.75% | 1.736 | 1. 80 | 1.547 | 1.626 1.505 | 1.566 1.528 2.941 | | 2.284 2.829 2.775 2.723 2.673 | 2.624 | 257 2.531 | 2.487 | 2402 | 2.322 | 2.28 2.246 | 2.174 2.106 3.902 | 3.808 3717 3630 3.546 3.65 | 3.387 | 3.312 3.240 3170 3.37 | 2914 2.255 2.798 | | 2.650 2.588 4.853 | 4.713 4.58] 4.452 4.323 4.212 14.100 3993 3890 3791 | 3.505 333 3.352 3272 3.127 2991 5.795 | 5.601 5.17 5.242 5.076 | 4.917 | 4.767 14.623 4.486 | 4.355 | 2.111 3.888 | 3.784 3.625 ) 3.498 3.326 6.728 | 5472 6.230 6.002 5.786 5.582 | 5.389 5.206 5.03 | 4.868 | 4.554 4.288 | 4.160 4.033 3.812 3.505 7.652 | .325 7.020 6.733 6462 6.210 15.971 5.747 5.535 5.335 | 4.968 4.639 | 4.487 4.3.. 4.078 3.837 3.566 | 8.162 | 7.786 7.435 | 7.108 | 6.802 | 6.515 6.247 5.995 5.755 | 5.328 4.946 | 4.772 4.507 4.303 4.031 2471 | | 3.83 | 3.530 2.111 | 7.722 | 7.360 | 7.02. 5.710 6.18 6.145 | 5.550 5.216 5.19 4.233 4.94 4.192 10.368 | 9787 | 3.253 8.760 | 8.306 |1.87 7493 7.138 6.205 | | 5.95 15.938 5453 15.234 5.023 4.656 4.327 255 | 10.575 19954 9. 35 | 8.263 | 8.384 | 7.943 7.536 7.161 | | 6.814 6.194 15.660 || 5.21 5.197 4.793 4.38 134 | 11.348 | 10.635 | 9.986 | 3392 | 8.253 18.358 1.902 | 7.103 15.242 | 5.583 5.342 14.910 4.533 004 | 12.105 | 1.296 | 10.565 | 3.89 | 3.295 3.745 8.21. 7.786 | 17.367 6.628 6.002 | 5.724 5.468 | 5.008 | 4.611 | 12.8L 11.938 | 11.118 | 10.380 || | 3. 72 9.108 8.553 2.061 7.506 6811 6.142 5.247 5.575 5.092 4.675 13.573 12.561 | 11.652 | 10.838 | 10.106 134.7 8.251 8.313 | 7.24 6.974 6.265 5.35. 5.668 5.162 4.730 1.292 13.166 12.166 | 11.274 | 10.477 3.763 9.122 8.542 | 8.022 7.120 6.373 6.047 5.749 4.775 14.992 3.754 12.59 | 1.590 | 10.228 10.058 9.372 3.755 | 8.201 250 6.467 6.128 5.818 4.812 15.678 14.324 || 3.134 | 12.085 | 11.158 10.336 | 9.604 8950 | 8.365 7.366 6.550 6.198 5.877 4.2.2 18.046 | 16.351 14.87 13.590 | | 12.462 11.470 10.534 9818 9.123 | 8.512 7.468 5.623 6.253 5.929 4.870 17.01 15.15 14.029 12.821] 11.764 10.88365 | 10.017 2.232 | 3.549 7.562 6.587 6312 5.973 5.384 4.881 1.658 16.37 13.163 12.042 11.061 | 10.2011 32.2 | 8.72 7.645 6.743 6.359 6.01 4.30 18.292 16.A.4 13.489 12.303 | 11.272 | 10.371 19.580 | 8.883 7.718 | 6.792 6.39 6.04. 4.325 18.914 16.336 15.247 3.799 | 12.550 | 11469 | 10.529 || 9.707 | 8.985 7.782 16.85 6.34 5.073 451 4.37 19.523 17.413 6.622 | 14.034 | 12.783 | 11.654 | 10.675 | 9.823 | 9.077 7.243 5873 6.464 6.037 5.67 4.348 17.377 15.983 13.00 | | 1.826 | 10.810 || 19.92 | 3.151 7.896 6.306 6.91 6.118 | 5.480 4.956 18.327 543 13211 11.987 10.335 | 10.027 | 9.237 7.943 6.335 6.514 6.136 5.492 4.36. 18.764 16.563 3.406 12.137 | 11.051 10.16 | 2307 6.361 6.53. 6.152 4.370 19.188 16.984 3.591 | 12.273 1.158 | 10.198 | 2370 8.022 6.383 6.551 6.166 | 5510 4.75 19.500 | 17.292 | 15.372 | 3.765 | 1249 | 11.258 | 10.274 | 2427 8.055 17.003 5.566 6.17 | 5.517 4.379 | 27.355 | 23.15 | 19.793 | 1.159 | 15.046 | 13.332 | 1925 | 10.757 | 9.779 8.244 7.105 6.542 | | 6.233 | 5.548 4.37 | 31.24 | 25.730 | 21.482 | 18.25 | 15.762 | 13.801 | 12.23 | 10.962 | 9.915 | 8.304 | 7.133 | 6.661 | 6.245 | 5.55 || 14.999 m 5.23 6.353 18.357 1.51 14.25/ 14.375 7.28. | 5502 Print Done 0 Reference Periods 2013 3.21 28.03 Future Value of Ordinary Annuity of $1 1% | 26 | 3 | 4 | 5% | | 6 | 7 | 8% | 99 | 10% | 12% | 1478 | 15% 1.000 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 11.000 | 1.000 11.000 2.010 2.020 2.00 | 2.040 2.050 2.060 | 2.070 | 2.080 2.00 2.100 | 2.120 | 2.140 | 2.150 3.30 3.060 3.031 | 3.122 3.153 3.184 3.215 | 3.246 3278 3310 | 3.374 340 3473 4.060 4.122 4.184 | 4.246 4.310 4.375 | 4.40 | 4.506 4.573 4.641 | 4.779 14.921 4.993 5.101 5.204 5.309 | | 5416 5.526 5.637 5.751 | 5.867 5325 6.115 | | 6.353 6.610 6.152 6.308 | 6.468 | 6.633 6.802 6.375 | 7.153 | 7.336 17.523 7.716 | 8.115 8.536 7.214 7.43. 7.662 | 7.898 8.142 8.392 | 8.654 8.923 2.200 3487 10.00 10.73 8.286 | 8.5% 8.892 | 9.214 2.54 3.97 10.250 | 10.54 | 11.03 11.44 2.30 13.23 9.368 3.755 10.16 | 10.58 | 11.03 11.49 | 11.98 | 12.19 | 13.02 3.58 14.78 16.03 10.46 10.35 11.46 | 12.01 | 12.58 3.18 13.82 | 14.9 | 15.19 7.55 9.34 11.57 | 12.17 12.81 | 13.49 | 14.21 14.7 16.78 | 16.65 17.56 8.8 20.65 3.0. 12.68 13.41 1.19 | 15.03 15.32 16.87 17.88 | 18.38 20.14 21.38 27.27 14.68 16.62 | 16.3 17.71 18.88 2014 | 21.50 22.95 24.52 32.03 15.97 17.03 | 1823 19.50 21.02 22.55 26.02 27.98 32.39 37.58 16.10 17.29 8.60 20.02 21.58 23.28 31.7 37.28 43.82 17.26 2016 23.66 25.57 35.95 42.75 50.98 28.21 40.54 48.8 59.12 45.60 55.75 68.39 25.12 30.54 33.76 | 37.38 46.02 51.16 | L. | 78.97 26.87 25.73 33.07 36.79 41.00 45.76 51.16 7.28 | F2.05 | 91.02 102.2 28.88 31.97 35.72 32.99 4.87 50.42 8.76 81.70 10... 1183 30.54 A.25 28.51 43.39 49.01 5.46 62.87 71.40 92.50 120.4 137.6 28.85 32.5 36.52 41.43 47.00 58.A. 60.88 68.53 79.58 1383 159.3 30.42 2.3 8.08 4.50 20.82 58.18 66.76 76.79 88.50 | 118.2 158.7 18.2 32.03 36.46 41.85 47.73 5.26 8.25 3.11 24.70 .35 133.3 181.9 212.8 8.55 44.31 51.11 58.16 | 68.68 9.95 8.32 182 150.3 208.3 2.5.7 40.71 47.08 7.48 87.35 102.7 121.1 163. 283.5 42.93 49.97 58.0 8.53 | 80.70 25.34 113.0 13.2 130.7 272.9 327.1 45.22 52.97 62.32 3.52 | 37.35 10... 12..1 148.8 21.6 312.1 377.2 47.58 56.08 66.A. 73.06 | 2.46 | 1133 136.3 | 16.5 241.3 | 356.8 43.7 75.0 95.03 120.8 15.8 | 199.6 | 259.1 37.9 | 4.2.5 | 767.1 1342 1,779 128 | 123 | 152.7 | 2093 | 2903 | 4065 | 573.8 | 315.1 | 1164 | 2400 | 4.995 | 7.218 88066 3091 2.00 | 25.73 7.30 10.6 631 Print Done