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Using the time value of money to compute the present and

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Using the time value of money to compute the present and future values of single lump sums and annuities

Janice wants to take the next five years off work to travel around the world. She estimates her annual cash needs at $28,000 (if she needs more, she will work odd jobs). Janice believes she can invest her savings at 8% until she depletes her funds.

Requirements

1. How much money does Janice need now to fund her travels?

2. After speaking with a number of banks, Janice learns she will only be able to invest her funds at 4%. How much does she need now to fund her travels?

Reference no: EM13571490

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