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How much money does sharon need now to fund travels

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Reference no: EM132577182

Using the time value of money.

Sharon wants to take the next five years off work to travel around the world. She estimates her annual cash needs at $34,000 (if she needs more, she will work odd jobs). Sharon believes she can invest her savings at 8% until she depletes her funds.

Requirements:

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

Question 2. After speaking with a number of banks, Sharon learns she will only be able to invest her funds at 6%. How much does she need now to fund her travels?

Reference no: EM132577182

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