(L.OBJ. 3) Using the time value of money to compute the present and future values of single lump sums and annuities [5—10 min]
Janet wants to take the next six 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). Janet believes she can invest her savings at 12% until she depletes her funds.
Requirements
1. How much money does Janet need now to find her travels?
2. After speaking with a number of banks, Janet learns she will only be able to invest her funds at 6%. How much does she need now to fund her travels?
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.