Use Worksheet 1 1 . 1 . Phoebe Jones is now employed as the managing editor of
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Question:
Use Worksheet Phoebe Jones is now employed as the managing editor of a wellknown business journal. Although she thoroughly enjoys her job and the people she works with, what she would really like to do is open a bookstore of her own. She would like to open her store in about eight years and figures she'll need about $ in capital to do so Given that Phoebe thinks she can make about percent on her money, use Worksheet to answer the following questions.
How much would Phoebe have to invest today, in one lump sum, to end up with $ in eight years? Round the answer to two decimal places.
$
If she's starting from scratch, how much would she have to put away annually to accumulate the needed capital in eight years? Round the answer to two decimal places.
$
How about if she already has $ socked away, how much would she have to put away annually to accumulate the required capital in eight years? Round the answer to two decimal places.
$
Given that Phoebe has an idea of how much she needs to save, briefly explain how she could use an investment plan to help reach her objective.
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