Gretchen wants to take the next four years of work to travel around the world. She estimates her annual cash needs at $26,000 (if she needs more, she will work odd jobs) Gretchen believes she can invest her savings at 8% 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 51 table> (Click the icon to wow Future Value of 51 table) Click the icon to view Future Value of Ordinary Annuity of 51 table) Read the requirements Requirement 1. How much money does Gretchen need now to fund hor travels? (Round your answer to the nearest whole dollar) With the 8% interest rato, Gretchen noods 1% Present Value of $1 Periods 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% Period 1 0 990 0.98009710 962 0.952 0.943 0.935 0.926 0.917 0.909 0.893 0877 0.870 0.862 0.847 | 0.833 Period 2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0857 0842 0.826 0.797 0.769 0.756 0.743 0.7180 694 Period 3 0.971 0.942 0.915 0 889 0.8640 840 0.816 0.7940.772 0.751 0.712 0.675 0.658 0.641 0.609 0.579 Period 4 0.961 0 924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 0.63605920.572 0552 0.516 0.482 Period 5 0.951 0.906 0 863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 0.567 0 5190.497 0.476 0.437 0.402 Period 6 0.942 0888 0.837 0.790 0.746 0.705 0666 0.630 0596 0.564 | 0507 0.456 0.432 0.410 0.370 0.335 Period 7 0.933 0.871 0.813 0.750 0.711 0.6650623 0.5830.547 0.513 0452 0.400 0376 035403140 279 Period 8 0923 0.853 0.789 0.731 0.677 0.6270582 0.540 0.502 0.467 0.4040.351 03270 305 0.266 0233 Period 9 0914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 04240361 0308 0.284 0 263 0.225 0.194 Period 10 0.905 0.820 0.7440676 0.6140558 0508 0.463 0.422 0.386 0322 0.270 0.247 0.227 0.1910 162 Period 11 0.898 0.804 0.722 0.650 0.585 0.527 0.475 0429 03880 350 0 287 0237 0215 0 195 0.1620 135 Period 12 0887 0788 0 701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 0.257 0.208 0.187 0.168 0.1370 112 Period 13 0 879 0.773 06810 601 0.530 0.469 0.415 0.368 0326 0.290 0.229 0182 0.163 0.145 0.116 0.093 Period 14 0.870 0.758 0 661 0577 0.505 0.442 0388 0.340 0.299 0.263 0.205 0.160 0.141 0.125 0.099 0.078 Period 15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 0.183 0.1400.123 0108 0.084 0.065 Period 16 0 853 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0252 0.218 0.163 0 1230 107 0.093 0.071 0.054 Period 17 0.844 0.7140.605 0513 0436 0 371 0317 0.2700 2310.198 0.146 0.108 0.093 0080 0.0600045 Period 18 0.836 0700 0.587 0.494 0.416 0.350 0.296 0 250 0212 0.180 0.1300095 0 081 0.069 0.051 0.038 Period 19 0 828 0.686 0.570 0.475 0 396 0.331 0277 0232 0.194 0.164 0.116 0 083 0070 0.060 0.0430031 Period 20 0.820 0673 0.554 0.456 0377 0.312 0.258 0215 0 1780 149 0.104 0.073 0.061 0.051 0.037 0 026 Period 21 0811 0 660 0538 0 439 0.359 0 294 0.242 0.1990.1640.135 0093 0.064 0.0530014 0031 0.022 Darind 93 na R470.5220422 0242 278 22 n 184 nn Innleg 2018 Future Value of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 Period 6 Period 7 Period 8 Period 9 Period 10 Period 11 Period 12 Period 13 Period 14 Period 15 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.120 1.140 1.150 1.020 1.040 1.061 1.082 1.103 1.124 1.145 1.166 1.188 1.210 1.254 1.300 1.323 1.030 1.061 1,093 1.125 1.158 1.191 1 225 1.260 1.295 1.331 1.405 1.482 1.521 1.041 1.082 1.126 1.170 1216 1262 1.311 1.360 1.412 1.464 1.574 1.689 1.749 1.051 1.104 1159 1217 1.2761338 1.403 1.469 1.539 1611 1.762 1.925 2011 1.062 1.126 1.194 1.265 1340 1.419 1.501 1.587 1.677 1772 1.974 2.195 2.313 1.072 1.149 1.230 1.316 1.407 1.504 1.606 1.7141.828 1.949 2211 2.502 2.660 1.083 1.172 1 267 1.369 1.477 1.594 1.718 1.851 1.993 2.144 2.476 2.853 3.059 1.094 1.1951.305 1423 1.551 1.689 1.838 1.999 2.172 2.3582.7733.252 3.518 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 3.4794226 4.652 1.127 1.268 1.426 1.601 1.796 2012 2252 2.5182 813 3.138 3.8964818 5.350 1.138 1.294 1.469 1.665 1.886 2.133 24102.720 3.066 3.452 4.363 5.492 6.153 1.149 1319 1.513 1.732 1 980 2261 25792.937 3.342 3.798 4.887 6 261 7.076 1.161 1.346 1.558 1.801 2079 2.397 2.759 3.172 3.642 4.177 5474 7.138 8.137 1.173 1.373 1.605 1.873 2183 2540 2.952 3.426 3.970 4.595 6.130 8.137 9.358 1.184 1.400 1.653 1.948 2.292 2 693 3.159 3.700 4.328 50546.866 9.276 10.76 1.196 1.428 1.702 2.026 2 407 2.854 3.380 3.996 4.717 5.5607.690 10.58 1238 1.208 1.457 1754 2.107 2527 3.026 3.617 4 316 5 142 6.116 8.613 12.06 14.23 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 1 232 1.516 1.860 2279 2786 3.400 4.141 5,034 6.1097.400 10.80 15.67 18.82 1 245 1545 101617.270 2.925 2604 4420 5.437 8.50 R 140 12 10 17 RR 21 R4 Period 16 Period 17 Period 18 Period 19 Period 20 Period 21 Period 22 Present Value of Ordinary Annuity of $1 Perods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% Period 1 0990 0.980 0.971 0962 0 9520.943 0935 0.926 0.917 0.909 0.893 0.877 0.8700862 0.847 0.833 Period 2 1970 1942 1.913 1886 1859 1.833 1 808 1783 1759 1.73616901 647 1.626 1.605 1 566 1.528 Period 3 2.9412.884 2 829 2775 2.723 2673 2624 2.577 2531 2487 2402 2322 2283 2246 2. 1742 106 Period 4 3.902 3.808 3717 3.630 3.54634653387 33123 240 3.170 3.037 2 914 2855 2.798 2.690 2.589 Period 5 4.853 4 713 4580 4452 4.329 4.212 4.100 3.993 3.890 3.791 3.605 3.433 3352 3.274 3.127 2.991 Period 6 5.795 5.601 5417 5242 5.076 4 917 4 767 4.623 4.486 4355 4 111 3.8893.784 3.685 3.498 3.326 Period 7 6.728 6.472 6.230 6,0025786 5.582 5.3895 206 5,033 4.8684564 4.288 4.160 4.039 3.812 3.605 Period 8 7.652 7325 7020 67336.463 6.210 5971 5.7475.535 53354968 4 639 4487 4 344 4.0783.837 Period 9 8.5668.162 7 786 7.4357 108 6.802 6515 6 247 5 995 5759 53284946 4.7724.607 43034031 Period 10 9.471 8.983 8.530 8.111 77227.360 7024 6710 6 418 6.145 5.650 5216 5019 4.833 4 494 4.192 Period 11 10 368 9.7879 253 8.760 8.306 7 887 7.499 71396 805 6.495 5 938 5 453 5 23450294.656 4.327 Period 12 11 255 10.575 9.954 93858.863 8 384 7.943 7.538 7 1616.814 6.1945.660 5421 5.197 4.793 4.439 Period 13 12 134 11 348 10 635 9.988 93948 853 8 358 79047.487 7 103 6.424 5.842 5583 5 3424910 4.533 Period 14 13 004 12 106 11 296 105639.899 9.295 8 745 8244778673676.628 6 002 57245.468 50084611 Period 15 13.865 12 849 11.938 11 118 10 380 9.712 9 108 8559 | 8081 7606 6.811 6 142 5.847 5.575 5.0924675 Period 16 14 718 1357812561 11.652 10 838 10.106 9.447 8 851 8 313 7 824 6974 6.265 59545.6695.162 4.730 Period 17 15.582 14 292 13.166 12 166 11 274 10477 9763 9.122 8.5448.02271206373 6047 5.749 5.222 4.775 Period 18 16 398 14 992 13.754 1265911.690 10.828 10.059 93728.758 8 2017.250 6 467 6.128 5818 5 273 4812 Period 19 17 226 15.6781432413.134 12.085 11.158 10 336 96048950 83657366 6.550 6.198587753164844 Period 20 18.046 16 3511487713 590 12 462 11470 10.5949 818 9.129 8.5147469 6 623 6.259 5.929 53534870 Period 21 18 857 1701115.415 14.029 12821 11 764 10.836 10 017 9 292 8.64975626.687 63125 973 5 3844891 Period 29 19. 17 15.214.451 13 162112 21101 1020019442. LA 772 7 645 7359 0115410 14 900 2% Future Value of Ordinary Annuity of $1 Periods 1% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% Period 1 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 Period 2 2010 2020 2030 2040 2050 2060 2.070 2.080 2.090 2100 2120 2 140 2.150 Period 3 3.0303.060 3.091 3.122 3.153 3.1843.215 3.246 3.278 3.310 3.374 3.440 3.473 Period 4 4060 4.122 4.184 4.246 4310 4.375 4.440 4.5064.573 4.641 4.779 4.921 4.993 Period 5 5.101 5.204 5309 5.416 5.526 5.637 5.751 5.8675.985 6.105 6.353 6610 6.742 Period 6 6.152 6.308 6.468 6.633 6.802 6.975 7.1537.3367.523 7716 8.115 8.536 8.754 Period 7 7214 7.434 7662 7.898 8.142 8.394 8.654 8.9239.2009.487 10.09 10.73 11.07 Period 8 8.2868.5838.892 92149.549 9.897 10.260 10.64 11.03 11.44 12.30 13.23 13.73 Period 9 9.369 9.755 10.16 10.58 11.03 11.49 11.98 12.49 13.02 13.58 14.78 16.09 16.79 Period 10 10.46 10.95 11.46 12.01 12.58 13.18 13.82 14.49 15 19 15 94 17 55 19.34 20.30 Period 11 11.57 12.17 12.81 13.49 14 21 14.97 1578 16 65 1756 18.53 20 65 23.0424.35 Period 12 12.68 13.41 14.19 15.03 15.92 16.87 17.8918.98 20.14 21.38 24.13 27 27 29.00 Period 13 13.81 14.68 15,62 16 63 1771 18 88 20.14 21.50 22.95 2452 28.03 32.09 34.35 Period 14 14.95 15.97 17.09 18.29 19.602102 22 55 2421 26.02 27.98 3239 37 58 40.50 Period 15 16.10 17 29 18.60 20.02 2158 23 28 25.13 27 15 29.36 3177 3728 43.8447.58 Period 16 17 26 18.64 20.16 21.82 23.66 256727 89 30 32 33.00 3595 42.75 50.98 5572 Period 17 18.43 20.01 2176 23.70 25.84 28 21 30.84 33.75 36.97 40.54 48.88 59.12 65.08 Period 18 19.61 21.41 23 41 25.65 28.13 30.91 34.00 37 45 | 4130 45.60 55 75 68 39 75.84 Period 19 20.81 22.84 25 12 27 67 30.54 33.76 3738 41.45 | 46.02 51.16 63.44 78.97 88 21 Period 20 22.02 24 30 26.87 29.78 33 07 36.79 41.00 45 76 51 16 5728 72 05 9102 1024 Period 21 23 24 25 7828.68 3197 35 72 39.99 44.87 50.4256.76 64.00 8170 1048 518 8 Period 22 24.47 127301154134.259.51 43.39 19.01 55.1 162 21 7140 92.50 1204 1 1176 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 4% How much does she need now to fund her travels