Jack Sprat, ate no fat, and he also wanted to take some vacations after he got out of college. Fortunately for Jack, he has some very rich grandparents on his mother's side of the family. During the long break between Thanksgiving and Christmas this year, Jack's grandparents asked him to list his six most desired trips he might take after his graduation on June 1, 2023. Jack listed the following:

* On June 1, 2023, Jack wants to travel to Brunskog, Sweden to visit the church his great grandparents were married in. Cost of that trip $5,000.

* On June 1, 2025 Jack wants to go to Luca, Italy to sit on the original Roman wall which surrounds the city. Jack also plans to return to Luca on June 1, 2026, June 1, 2027 and June 1, 2032. Cost for each trip is $7,000.

* By June 1, 2037, Jack figures he will be married and he also wants to visit the Charles Bridge in Prague, Czech Republic. He wants his grandparents to pay for his lovely spouse as well and the cost of that trip will be $4,500 for Jack and $4,950 for his wife Jill.

Assume an 8% annual interest rate throughout.

3. How much money do G&G need to have on hand on June 1, 2023 to fund Jack's 4 trips to Luca Italy?