Minh 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’ll work odd jobs). Minh believes she can invest her savings at 8% until she depletes her funds.
Requirements
1. How much money does Minh need now to fund her travels?
2. After speaking with a few banks, Minh learns she’ll be able to invest her funds at 10%. How much does she need now to fund her travels?