If you can earn an annual Interest rate of 8%, how much do you have to save right now to have enough money for your trip? 1029 Correct You need to find the present value of the cost of the trip: 1,400 PV 1,029.04 (1+r) * (1 +0.08) Using a financial calculator: PMT FV NI/Y PV 48 0 -1,400 Inputs Compute 1,029.04 Using Excel (do not enter the thousands separators): =PV(rate, nper, pmt, fv) =PV(0.08, 4.0,-1,400) =1,029.04 Part 2 IB- Attempt 2/5 for 1.6 pts. Instead, the interest rate is 0.667% per month. How much do you need to save right now? o decimals Submit MacBoo