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Planning For Your Dream VacationScenario: You will research a dream vacation. You will record costs and cite your websites. Then you will set up a savings account (Money Market Account). You will calculate two scenarios to determine the length of time it will take for you to save enough to go!Part 1: My Dream VacationYou can use the following websites to plan your vacation (or find your own):Destinations: Expert Vagabond; Nomadic Matt; Flights: Skyscanner; Secret Flying; The Flight DealTransportation: The Flight Deal; Rail Europe; Rental CarsActivities: Travel Guides; Viator; Trip Advisor Lodging: iescape; ; AirBnB DestinationDuration(# of Days)CostWebsite (copy & paste address)Flight$Transportation$Food$Activities(Tours, events, etc.)$Lodging(Hotel, etc.)$MiscellaneousTotal Cost$Part 2: What is a Money Market Account?Read the following article – Money Market Accounts; Money Market Account Pros and Cons Write eight sentences (with correct grammar and sentence structure) summarizing the benefits and downsides of Money Market accounts: Part 3: How I Plan To Pay For My VacationGo to Money Market Rates.Deposit Amount: Enter “500” Deposit Type: Click on “Money Market” (only) and click “Update.”Zip Code: Enter “30127”Sort by: “APY”Institution (Bank)Interest RateCompound PeriodInitial Investment NeededGo to Financial Calculator. Enter the information given in the tables:AYou want to take your vacation in 5 years. How much will you have to put into your account each month (PMT) to pay for your dream vacation?BYou know you can put $75 into your investPV-500PV-500PMT(Solve for this) per monthPMT-75 per monthFV(From total cost of your vacation)FV(From total cost of your vacation)I%I%Periods60 (5 Years)Periods(Solve for this) months(divide by 12) yearsCompoundingMonthlyCompoundingMonthlyIn scenario A, how much do you need to save per month in order to afford your dream vacation in 5 years?In scenario B, if you put $75 in your money market each month (with an initial deposit of $1500), how long before you could go on your dream vacation?Which scenario works better for your budget?How often do you plan to go on vacation as an adult?PVPMTper monthFV(From total cost of your vacation)I%PeriodsCompoundingMonthlyHow will you use money markets, or CD’s, to make your dream vacation a reality? Show your specific calculator input (from the financial calculator) that will make your vacation happen in the amount of time you want to go on it.What does the table above actually mean in terms of saving for your dream vacation? ................
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