1. Ch11 Financial Planning Exercise 1BEeBookChapter 11Financial Planning Exercise 1Calculate amount to invest to meet objectivesUse Worksheet 11.1. Phoebe Jones is now employed as the managing editor of a well-known 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 storein about seven years and figures she'll need about $ 45,000 in capital to do so. Given that Phoebe thinks she can make about 7 percent on her money, use Worksheet 11.1 to answer the following questions.a. How much would Phoebe have to invest today, in one lump sum, to end up with $45,000 in seven years? Round the answer to two decimal places.$b. If she's starting from scratch, how much would she have to put away annually to accumulate the needed capital in seven years? Round the answer to two decimal places.$c. How about if she already has $5,000 socked away, how much would she have to put away annually to accumulate the required capital in seven years? Round the answer to two decimal places.$d. 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.li

Time Value of Money (TVM) concept is used to find out the Present Value or Future Value of the given…

Answered: a. How much would Phoebe have to invest…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter11: Investment Planning

Section: Chapter Questions

Problem 1FPE

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Investment Planning Activity1. Suppose that Rodel Rivera places an order to buy 100 shares of SM Investments Corp. (SM) from an online broker. Explain how the order will be processed.
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