Use Worksheet $11\mathrm{.}1.$ Phoebe Jones is now employed as the managing editor of a well$-$known business journal. Although she thoroughly enjoys her job and the people she works with, what she would really like to do is open a bookstore of her own. She would like to open her store in about seven years and figures she'll need about $ $50,000$ in capital to do so$.$ Given that Phoebe thinks she can make about $7$ percent on her money, use Worksheet $11\mathrm{.}1$ to answer the following questions.

How much would Phoebe have to invest today, in one lump sum, to end up with $$50,000$ in seven years? Round the answer to two decimal places.

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If she's starting from scratch, how much would she have to put away annually to accumulate the needed capital in seven years? Round the answer to two decimal places.

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How about if she already has $$20,000$ socked away, how much would she have to put away annually to accumulate the required capital in seven years? Round the answer to two decimal places.

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Given that Phoebe has an idea of how much she needs to save, briefly explain how she could use an investment plan to help reach her objective.