Sylvia wants to take the next four years off work to travel around the world. She estimates her annual cash needs at $33,000 (if she needs more, she will work odd jobs). Sylvia believes she can invest her savings at 10% 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.) 5 (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. Requirement 1. How much money does Sylvia need now to fund her travels? (Round your answer to the nearest whole dollar.) With the 10% interest rate, Sylvia needs $ Requirement 2. After speaking with a number of banks, Sylvia learns she will only be able to invest her funds at 4%. How much does she need now to fund her travels? (Round your answer to the nearest whole dollar.) With a 4% interest rate, Sylvia would need $ If Sylvia's savings are earning a lower interest rate (4%), she will need to save to be able to withdraw $33,000 per year. less more Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 0.990 0.980 0.971 0.962 0.952 0.9430.935 0.9260.917|0.909 0.893 0.877 0.870 0.8620.8470.833 2 10.980|0.9610.943|0.925 0.907|0.890 0.873|0.8570.842 0.8260.797 10.769 0.756 0.7430.7180.694 3 10.9710.942|0.915|0.8890.864|0.840 0.816 0.7940.772 0.751 0.7120.675 0.658 0.6410.609 0.579 0.961 0.924 0.888 0.8550.8230.7920.763|0.735 0.708 0.6830.636 0.592 0.572 0.552 0.516 0.482 5 0.951 0.906|0.863|0.822|0.7840.747|0.713|0.681 0.650 0.621 0.5670.519 0.497 0.476 0.437 0.402 6 10.9420.8880.8370.790 0.746 0.705 0.6660.6300.5960.564 0.5070.456 0.432 0.410 0.370 0.335 7 0.9330.871 0.813|0.760 0.711 0.665 0.623 0.5830.5470.513 0.452 0.400 0.376 0.354 0.314 0.279 8 0.9230.853 0.789 0.7310.6770.6270.5820.540 0.502 0.467 0.404 0.351 0.327 0.305 0.266 0.233 0.914 0.837 0.766 0.7030.6450.5920.5440.500 0.460 0.424 0.361 0.308 0.2840.263 0.225 0.194 10 0.9050.820 0.7440.6760.6140.558|0.508|0.4630.4220.3860.3220.270 0.247 0.227 0.191 0.162 0.8960.8040.7220.6500.5850.5270.4750.4290.3880.350 0.287 0.237 0.215 0.1950.162 0.135 12 0.887|0.788|0.701|0.625 0.5570.4970.444 0.397 0.356 0.319 0.257 0.2080.1870.1680.137 0.112 13 10.8790.7730.6810.601|0.5300.4690.4150.368|0.3260.290 0.229 0.1820.163 0.145 0.116 0.093 14 10.8700.758|0.661|0.577/0.505 0.442|0.388|0.340 0.299 0.263|0.2050.1600.141 0.125 0.099 0.078 0.8610.7430.6420.555 0.481 0.417 0.362 0.3150.275|0.239 0.1830.1400.1230.1080.084 0.065 10.8530.7280.6230.534 0.4580.394 0.3390.292 0.252 0.218 0.163 0.123 0.107 0.0930.071 0.054 17 0.8440.7140.605|0.5130.436 0.371 0.3170.270 0.231 0.1980.1460.1080.0930.080 0.0600.045 18 0.836 0.7000.587 0.4940.4160.350 0.2960.250 0.2120.180 0.130 0.095 0.081 0.069 0.051 0.038 0.828|0.686|0.570|0.475 0.396|0.331 0.277 0.232 0.194|0.164 0.116 0.0830.070 0.060 0.043 0.031 20 10.8200.6730.5540.456|0.377/0.312|0.2580.215|0.178|0.149 0.104 0.0730.061 0.051 0.037 0.026 0.811 0.660 0.5380.439 0.359 0.2940.242 0.1990.1640.135 0.0930.064 0.0530.044 0.031 0.022 10.80310.647 0.522 0.4220.3420.2780.2260.1840.150 0.123 0.083 0.056 0.046 0.038 0.026 0.018 0.7950.6340.5070.4060.3260.262 0.211 0.170 0.138 0.112 0.074 0.049 0.040 0.033 0.022 0.015 0.7880.622 0.492 0.390 0.310|0.2470.1970.1580.1260.102 0.066 0.043 0.035 0.028 0.019 0.013 0.780 0.610 0.478 0.375 0.295 0.233 0.1840.146 0.116 0.092 0.059 0.038 0.030 0.024 0.0160.010 10.772|0.598 0.464|0.361|0.281 0.220 0.172|0.135 0.106 0.084 0.0530.0330.026 0.021 0.014 0.009 10.764|0.586|0.450|0.347|0.268|0.207|0.161 0.125 0.098|0.076 0.047 0.029 0.0230.018|0.0110.007 10.757 0.574 0.4370.333|0.255,0.1960.150 0.116 0.090 0.069 0.042 0.026 0.0200.0160.010 0.006 0.749 0.5630.424 0.321 0.243 0.1850.1410.1070.0820.063 0.037 0.022 0.0170.014 0.008 0.005 30 0.742|0.5520.412 0.308|0.2310.1740.1310.0990.0750.057 0.033 0.0200.015 0.012 0.007 0.004 0.672|0.453|0.307|0.208|0.142|0.097 0.067|0.046|0.032 0.022 0.0110.005 0.0040.003 0.001 0.001 0.608 0.372|0.228|0.141 0.087|0.054|0.034|0.021 0.013 0.0090.003 0.001 0.001 0.001 3.10.09 10.072 0.03 0.032 0.037|0028 12/0.30880.231/0.1740-1410.107%0.002%0.069%0.042|0:023/0.023/0.07 50 loco Future Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.120 1.140 1.150 1.020 1.040 1.061 1.082 1.103 1.124 1.145 1.166|1.188 1.210 1.254 1.300 1.323 1.030 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.405 1.482 1.521 1.041 1.082 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.5741.689 1.749 1.051 1.104 1.159 1.217 1.276 1.338|1.403 1.469 1.539 1.611 1.762 1.925 2.011 1.062 1.126 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.974 2.195 2.313 1.072 1.149 1.230 1.3161.407 1.504 1.606 1.7141.828 1.949 2.211 2.502 2.660 1.083 1.1721.267 1.369 1.477 1.594 1.7181.851 1.993 2.144 2.476 2.853 3.059 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.3582.773|3.252 3.518 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594|3.106|3.707 4.046 1.116 1.243 1.384 1.539 1.710 1.898 2.105|2.332 2.580 2.853 3.479 4.226 4.652 1.127 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.896 4.818 5.350 1.1381.294 1.469 1.665 1.886 2.1332.410 2.720 3.066 3.452 4.363 5.492 6.153 1.149 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342 3.798 4.887 6.261 7.076 1.1611.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642 4.1775.474 7.1388.137 1.173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 6.130 8.137 9.358 1.1841.400 1.653 1.948|2.2922.6933.159 3.700 4.328|5.054 6.866 9.276 10.76 1.196 1.428 1.702 2.0262.407 2.854 3.380 3.996 4.717 5.560 7.690 10.58 12.38 1.208|1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 8.613 12.06 14.23 1.220 1.486 1.806 2.191 2.653|3.207|3.870 4.661 5.604 6.727 9.646 13.74 16.37 1.232 1.5161.860 2.279 2.786 3.400 4.1415.034 6.109 7.400 10.80 15.67 18.82 1.245 1.546 1.916 2.370 2.925 3.604 4.430 5.437 6.659 8.14012.10 17.8621.64 1.2571.5771.974 2.465|3.072 3.820 4.741 5.871 7.258 8.954 13.55 20.36 24.89 1.270 1.608 2.033 2.563 3.225 4.049 5.0726.341 7.911 9.850 15.18 23.21 28.63 1.282 1.641 2.094 2.666|3.386 4.292 5.4276.848 8.623 10.83 17.00 26.46|32.92 1.2951.673 2.157 2.772 3.5564.5495.807 7.396 9.399 11.92 19.04 30.17|37.86 1.308 1.7072.221/2.8833.733 4.8226.214 7.988 10.25 13.11 21.32 34.39 43.54 1.321 1.741 2.288 2.999 3.920 5.112 6.649 8.627 11.17 14.42 23.88 39.20 50.07 1.335 1.776 2.357 3.119 4.116 5.418 7.114 9.317 12.17 15.86 26.75 44.69 57.58 1.348 1.811 2.427 3.243 4.322 5.743 7.612 10.06 13.27 17.45 29.96 50.95 66.21 1.489 2.208|3.262 4.801 7.040 10.29 14.97 21.72 31.41 45.26 93.05 188.9 267.9 1.645 2.692 4.384 7.107 11.47 18.42 29.46 46.90 74.36 117.4 289.0 700.21,084 o von WN Present Value of Ordinary Annuity of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.9090.8930.8770.8700.862 0.847 0.833 1.970 1.942 1.913 1.886 1.859 1.8331.808 1.783 1.759 1.7361.6901.6471.6261.605 1.566 1.528 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 2.402 2.322 2.283 2.246 2.174 2.106 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 2.914 2.855 2.798 2.690 2.589 3.890 (3.791|3.605|3.433|3.352|3.274|3.127 (2.991 5.795 5.601 5.417 5.2425.076 4.917 4.767 4.623 4.486 4.355 4.111 3.8893.784 3.685 3.498 3.326 5.033 4.868|4.564 4.2884.160|4.039|3.812|3.605 5.535 5.335|4.968|4.639|4.487|4.344 4.078[3.837 8.566 8.1627.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.328 4.9464.772 4.607 4.303 4.031 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.1455.6505.216|5.019 4.8334.494 4.192 10.3689.787 9.2538.760 8.306 7.887 7.499 7.139 6.805 6.495 5.9385.453 5.2345.0294.656 4.327 11.255 10.575 9.954 9.3858.863 8.384 7.943 7.536 7.161 16.8146.1945.6605.421 5.1974.793 4.439 12.134/11.348 10.6359.986 9.394 8.853 8.358 7.904 7.487 7.1036.424 5.8425.583 5.342 4.910 4.533 13.004/12.10611.296 10.563 9.899 9.295 8.745 8.244 7.786 7.3676.628 6.002 5.724 5.468 5.008 4.611 13.865 12.849 11.938 11.11810.380 9.712 9.108 8.559 8.061 7.606 6.811 6.1425.847 5.575 5.092 4.675 16 14.71813.578 12.561 11.652 10.838/10.1069.447 8.851 8.313 7.8246.9746.2655.9545.669 5.1624.730 17 15.562 14.292 13.16612.166/11.27410.477 9.763 9.122 8.544 8.022 7.1206.373|6.047 5.749 5.222 4.775 18 16.398 14.992 13.754 12.65911.690 10.828 10.059 9.3728.756 8.2017.250 6.4676.128 5.818 5.273 4.812 19 17.22615.678 14.32413.134 12.08511.15810.336 9.604 8.950 8.365 7.3666.5506.1985.877 5.316 4.844 2018.04616.351|14.877|13.590 12.462 11.47010.594 9.818 9.129 8.5147.4696.623|6.2595.929 5.353 4.870 18.857|17.011 15.415 14.029 12.821 11.764 10.836/10.017 9.292 8.649 7.5626.687 6.3125.9735.384 4.891 22 19.660 17.65815.937|14.45113.163 12.042 11.061/10.2019.442 8.7727.6456.743|6.3596.011 5.410 4.909 23 20.45618.29216.44414.85713.48912.30311.27210.371 9.580 8.883 7.7186.7926.3996.044 5.432 4.925 24 21.24318.914 16.93615.24713.799 12.550 11.469 10.529 9.707 8.985 7.7846.835|6.4346.073 5.451 4.937 22.02319.523 17.41315.622 14.094 12.783/11.654 10.675 9.823 19.077 7.8436.8736.464 6.097 5.467 4.948 26 22.795 20.12117.877 15.983 14.375 13.003 11.826 10.810 9.929 9.1617.8966.906 6.491 6.118 5.480 4.956 27 23.560 20.707 18.32716.33014.64313.211 11.987 10.93510.0279.237 7.9436.9356.514 6.136 5.492 4.964 28 4.31621.281 18.764/16.663 14.89813.406 12.13711.051 10.116|9.3077.9846.9616.534 6.152 5.502 4.970 25.06621.844/19.188|16.984|15.141/13.591/12.278|11.158/10.198|9.3708.0226.9836.551 6.1665.51014.975 25.80822.39619.60017.29215.37213.765 12.409 11.258 10.2749.4278.055 7.0036.5666.177 5.517 4.979 40 32.83527.355|23.115 19.793 17.159 15.04613.332|11.925/10.75719.7798.244/7.105/6.642 6.233|5.548 4.997 50 39.196 31.42425.73021.48218.256/15.76213.801 12.23310.962 9.9158.304 7.133|6.661 6.246 5.554 4.999 69413.12213.10.2014.3754.47315.8675.989 716 8.11518.573111.07 Future Value of Ordinary Annuity of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2.0102.0202.0302.0402.0502.060 2.070 2.080 2.090 2.100 2.120 2.140 2.150 3.030|3.0603.091 3.122 3.1533.184 3.215 3.246 3.278 3.310|3.374|3.440|3.473 |4.060|4.122|4.184|4.246|4.310|4.375|4.440 4.5064.573|4.6414.7794.921|4.993 5.101 5.2045.3095.416 5.5265.637 5.751 5.8675.985 6.105 6.353 6.610 6.742 6 16.152 6.3086.468|6.6336.8026.975 7.153 7.336|7.5237.7168.115 8.536 8.754 7 7.214 7.4347.662 7.8988.142 8.394 8.654 8.9239.2009.487 10.09 10.73 11.07 8.286 8.5838.8929.2149.5499.897 10.260 10.64 11.03 11.44 12.30 13.23 13.73 9.3699.755 10.16 10.5811.03|11.49 11.98 12.4913.02 13.58 14.78|16.09 16.79 10.46 10.95 11.46 12.01 12.58 13.18 13.82 14.49 15.1915.94 17.55 19.34 20.30 11.57 12.17 12.8113.49 14.21 14.97 15.78 16.65 17.56 18.53 20.65 23.0424.35 12.68 13.41 14.1915.03 15.92 16.87 17.89 18.98 20.14 21.38 24.13 27.27 29.00 13.81 14.68/15.62 16.63 17.7118.88 20.14 21.50122.95 24.52 28.03 32.0934.35 14.95 15.97 17.09.18.29 19.60 21.02 22.55 24.21 26.02 27.98 32.39 37.58 40.50 15 16.10|17.2918.6020.02 21.58|23.2825.13 27.1529.36|31.77 37.28 43.84 47.58 16 17.2618.6420.1621.82|23.66 25.67 27.89 30.32 33.00 35.95 42.75 50.98 55.72 17 18.43|20.01|21.76|23.7025.84 28.21 30.84 33.75|36.9740.54 48.88 59.12 65.08 18 19.6121.4123.41 25.65|28.13|30.91 34.00 37.45 41.30|45.60 55.7568.39 75.84 19 20.81 22.8425.12 27.67 30.54 33.76 37.38 41.45 46.02 51.1663.4478.9788.21 22.02 24.30 26.87 29.7833.0736.79 41.00 45.7651.1657.28 72.05 91.02 102.4 23.2425.7828.68|31.9735.72 39.99 44.87 150.42 56.7664.00 81.70104.8 118.8 24.47 27.30 30.54 34.25 38.51 43.39 49.01 55.46 62.87 71.40 92.50 120.4 137.6 23 25.72 28.8532.45|36.6241.43 47.00 53.44 160.89 69.5379.54 104.6 138.3 159.3 26.97 30.42 34.4339.08 44.50 50.82 58.18 66.7676.79 88.50 118.2 158.7184.2 25 128.24 32.0336.4641.6547.7354.8663.25 73.11 84.70 98.35 133.3 181.9212.8 29.5333.67 38.55 44.3151.11 59.16 68.68 79.9593.32 109.2 150.3208.3245.7 27 30.82 35.34|40.71 47.08|54.67|63.71 74.48 87.35 102.7 121.1 169.4238.5 32.13|37.0542.9349.97 58.4068.53 80.70 95.34 113.0134.2 190.7 272.9 327.1 33.45 38.79 45.2252.97 62.32 73.64 87.35 104.0 124.1 148.6 214.6 312.1 377.2 34.7840.5747.5856.08 66.4479.06 94.46 113.3136.3164.5241.3356.8 434.7 40 48.89|60.4075.4095.03120.8154.8 199.6 259.1 337.9|442.6767.1 1,342 1,779 50 164.46 84.58 112.8 152.7209.3290.3|406.5 573.8815.1 1,164 2,400 4,9957,218 0 Requirements 1. How much money does Sylvia need now to fund her travels? 2. After speaking with a number of banks, Sylvia learns she will only be able to invest her funds at 4%. How much does she need now to fund her travels