Part $1$

Lily wants to take the next

six years off work to travel around the world. She estimates her annual cash needs at $$31,000$

$($if she needs more, she'll work odd jobs$).$ Lily believes she can invest her savings at $8\%$

until she depletes her funds.

Requirements

$1.$ How much money does

Lily need now to fund her travels?

$2.$ After checking with a number of banks,

Lily learns she'll be able to invest her funds only be able to invest her funds only

at $4\%.$

How much does she need now to fund her travels?

Part $1$

Requirement $1.$ How much money does

Lily need now to fund her travels?

Calculate how much money

Lily needs now to fund her travels.

With the $8\%$ interest rate, Lily needs

Requirement $2.$ After checking with a number of banks,

Lily learns she'll be able to invest her funds only at $4\%.$

How much does she need now to fund her travels?

Calculate how much she needs to fund her travels if she didn't get the $8\%$

interest rate she had originally planned. $($Round your answers to the nearest whole dollar.$)$

With a $4\%$ interest rate, Lily would need $.$