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Please answer the Requirements according to the form (The numbers are not the same). Please make sure your answer is correct. Thanksss Amanda wants to
Please answer the Requirements according to the form (The numbers are not the same). Please make sure your answer is correct. Thanksss
Amanda wants to take the next four years off work to travel around the world. She estimates her annual cash needs at $35,000 (if she needs more, she will work odd jobs). Amanda believes she can invest her savings at 12% until she depletes her funds. (Click the icon to view Present Value of $1 table.) (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. Requirement 1. How much money does Amanda need now to fund her travels? (Round your answer to the nearest whole dollar.) With the 12% interest rate, Amanda needs Requirement 1. How much money does Amy need now to fund her travels? (Round your answer to the nearest whole dollar.) With the 8% interest rate, Amy needs $ 119,790 Requirement 2. After speaking with a number of banks, Amy learns she will only be able to invest her funds at 6%. How much does she need now to fund her travels? (Round your answer to the nearest whole dollar.) With a 6% interest rate, Amy would need $ 126,360 If Amy's savings are earning a lower interest rate (6%), she will need to save more to be able to withdraw $30,000 per yearStep by Step Solution
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