Short Answer: Time Value of Money You would like to take a 2-month European Vacation in 5-years and you estimate the trip will cost you $20,000 and you currently have $0 in your savings account. (A) If you make a one time contribution to your savings account today, how much would you need to contribute to be able to reach the $20,000 goal in 5-years? You assume your rate of return is 7% compounded annually. (6 points) (B) If you contribute yearly payments to your savings account to pay for the trip, how much would you need to contribute annually to reach the $20,000 goal? (Assume you want to invest the same $ amount every year) You assume your rate of return is 7% compounded annually. (7 points) (C) If you contribute monthly payments to your savings account to pay for the trip, how much would you have to contribute monthly to reach the $20,000 goal? (Assume you want to invest the same $ amount every month) You assume your rate of return is 7% compounded monthly. (7 points)