Evaluating a savings goal Over the past several years, Natalie Howard has been able to save regularly. As a result, she has $58,338 in savings and investments today. She wants to establish her own business in 4 years and feels she will need $100,000 to do so. Use the following table to answer the questions. a. If she can earn 4% on her money, how much will her $58,338 in savings/investments be worth in 4 years? Round the answer to the nearest cent. Round FV-factor to three decimal places. Calculate your answer based on the FV-factor. $ ____
Calculate your answer based on the financial calculator. _____)
Will Natalie have the $100,000 she needs?_____ If not, how much more money will she need? Enter "0" if she will have the $100,000 she needs. Round the answer to the nearest cent. Round FV-factor to three decimal places. Calculate your answer based on the FV-factor. $ ______ Calculate your answer based on the financial calculator. ____ b. Given your answer to part a, how much will Natalie have to save each year over the next 4 years to accumulate the additional money? Assume that she can earn interest at a rate of 4%. Round the answer to the nearest cent. Round FVA-factor to three decimal places. Calculate your answer based on the FVA-factor $_____
Calculate your answer based on the financial calculator. $______ c. If Natalie can afford to save only $4,000 a year, then given your answer to part a, will she have the $100,000 she needs to start her own business in 4 years? -Select-