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 eight years and figures she'll need about $ $75,000$ in capital to do so$.$ Given that Phoebe thinks she can make about $11$ 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 $$75,000$ in eight 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 eight years? Round the answer to two decimal places.

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How about if she already has $$15,000$ socked away, how much would she have to put away annually to accumulate the required capital in eight 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. 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 nine years and figures she'll need about $ $75,000$ in capital to do so$.$ Given that Phoebe thinks she can make about $11$ 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 $$75,000$ in nine 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 nine 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 nine 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.$\backslash$table$[[$DETERMINING AMOUNT OF INVESTMENT CAPITAL$],[$Financial goal:$],[1.$ Targeted Financial Goal $($see Note $1),$$$,],[2.$ Projected Average Return on Investments$],[\backslash$table$[[$A$.$ Finding a Lump Sum Investment:$],[3.$ Future Value Factor, from Appendix A$],[-$ based on years to target date and a projected average$]]],[\backslash$table$[[4.$ Required Lump Sum Investment$],[-$ line $1-$: line $3]],$$$,-],[\backslash$table$[[$B$.$ Making a Series of Investments over Time:$],[5.$ Amount of Initial Investment. if anv $($see No$]]],[\backslash$table$[[6.$ Future Value Factor, from Appendix A$],[-$ based on years of target date and a projected average$]]],[\backslash$table$[[7.$ Terminal Value of Initial Investment$],[-$ line $5\backslash$times line $6]],$$$,-],[\backslash$table$[[8.$ Balance to Come from Savings Plan$],[-$ line $1-$ line $7]],$$$,-],[\backslash$table$[[9.$ Future Value Annuity Factor, from Appendix B$],[-$ based on$],[$return on investment of years to target date and a projected average$]],,0.],[\backslash$table$[[10.$ Series of Annual Investments Required over Time$],[-$ line $8-$: line $9]],$$$,-]]$

Note $1$: The "targeted financial goal" is the amount of money you want to accumulate by some target date in the future.

Note $2$: If you're starting from scratch$-$i$.$e$.,$ there is no initial investment$-$enter zero on line $5,$ skip lines $6$ and $7,$ and then use the total targeted financial goal $($from line $1)$ as the amount to be funded from a savings plan; now proceed with the rest of the worksheet.