How much money does sharon need now to fund her travels, Accounting Basics

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How much money does sharon need now to fund her travels

Problem

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.

Requriments

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

b. How much does she need now to fund her travels?

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Accounting Basics: How much money does sharon need now to fund her travels

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