Instructions

Read the Question, Prepare your solution & working first in MS Excel. Copy paste your workings & solution in text box.

Question#$6$

Jerry wants to take the next three years off work to travel around the world. He estimates his annual cash needs at $$35,000.$ Jerry believes he can invest his savings

at $6\%$ until he depletes his funds.

Present value annuity at $6\%$ for $3$ years is $2\mathrm{.}6730$

$($Present Value Interest Factors for a One$-$Dollar Annuity Discounted$)$

Requirement: How much money does Jerome need now to fund his travels?

$1510$ points

Jerry wants to take the next three years off work to travel around the world. He estimates his annual cash needs at $$35,000.$ Jerry believes he can invest his

savings at $6\%$ until he depletes his funds.

Present value annuity at $6\%$ for $3$ years is $2\mathrm{.}6730$

$($Present Value Interest Factors for a One$-$Dollar Annuity Discounted$)$

Requirement: How much money does Jerome need now to fund his travels?