Gretchen wants to take the next six years off work to travel around the world. She estimates her annual cash needs at $29,000 (if she needs more, she will work odd jobs). Gretchen believes she can invest her savings at 10% until she depletes her funds.

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?