Major assignment 3
Expenses
U.S. Currency
Total 5 year Budget Projection 123771.69 (see detail below) Conversion Rate
Local currency U.S. currency Source
Transportation 1 0.00173 https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=2ahUKEwjQodyOgOPgAhU_AmMBHSjtAmEQFjABegQIAxAE&url=https%3A%2F%2Fthemoneyconverter.com%2FXOF%2FUSD.aspx&usg=AOvVaw3rbKVSJYMM984eGf-kFpkd
Item Qty Price each (Local) Price each (US) Total price (US) Projected Price (US) Source
Description numbers number or NA Number or NA Formulas Formulas Link or citation Inflation Rate
Plane Fare 7 NA 7329 51303 55206.06 https://www.cheapflights.com/flights-to-mali/new-york/ CPI (Five Years Ago) CPI (Today) Inflation Rate
Visa 7 131 917 986.76 https://www.worldtravelguide.net/guides/africa/mali/passport-visa/ 233.916 251.712 0.08
Local Transport 7 112000 193.76 1356.32 1459.51 http://www.budgetyourtrip.com/mali
Total 53576.32 57652.33
Lodging
Item Qty Price each (Local) Price each (US) Total price (US) Projected Price
Description numbers number or NA Number or NA Formulas Formulas Link or citation
Lodgings 7 3213870 5560.00 38919.97 41880.94 https://travel.jumia.com/en-gb/landing/timbuktu-cheap-hotels
Food
Item Qty Price each (Local) Price each (US) Total price (US) Projected Price
Description numbers number or NA Number or NA Formulas Formulas Link or citation
Food expenses 7 250600 433.54 3034.77 3265.65 https://travel.jumia.com/en-gb/landing/timbuktu-cheap-hotels
Supplies and Misc
Item Qty Price each (Local) Price each (US) Total price (US) Projected Price
Numbers numbers number or NA Number or NA Formulas Formulas Link or citation
Tanks 20 300000 519 10380 11169.70 https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=2ahUKEwjb-LqWy-PgAhUu1uAKHUFQBLMQFjABegQICRAE&url=https%3A%2F%2Fwww.numbeo.com%2Fcost-of-living%2Fcountry_result.jsp%3Fcountry%3DMali&usg=AOvVaw3V0Vl7KD-IUkGDbP4bqloG
Food for trainees 1500 2000 3.46 5190 5584.85 https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=2ahUKEwjb-LqWy-PgAhUu1uAKHUFQBLMQFjABegQICRAE&url=https%3A%2F%2Fwww.numbeo.com%2Fcost-of-living%2Fcountry_result.jsp%3Fcountry%3DMali&usg=AOvVaw3V0Vl7KD-IUkGDbP4bqloG
Other Caution Money 7 NA 560 3920 4218.23
Total 19490 20972.77
Funding-Population Projection
Sponsorship Fundraising Loan (remainder of trip expenses, or minimum of $10,000)
Invest 30% of budget balance for 5 years $100 monthly for 5 years Bank A Bank B
Principal 3713.1507419985 Payment 100 Principal 120058.54 120058.54
r 2.25% https://www.thebalance.com/best-banks-for-savings-accounts-4160384 r 2.25% https://www.thebalance.com/best-banks-for-savings-accounts-4160384 r 7.59% https://mozo.com.au/personal-loans 10.98% https://mozo.com.au/personal-loans Must be different rates
n 1 n 1 n 12 12
t 5 t 5 t 5 7 Must be different years
Total in 5 years 4150.1057567929 Total in 5 years 111.77 Payment 175262.408981304 258032.209775126
Total Paid 876312.04490652 1806225.46842588
Total interest 756253.50 1686166.93
Population Projection
Current population 18,429,893
Annual Growth Rate 2.98% https://www.cia.gov/library/publications/the-world-factbook/geos/ml.html
Projected Population 18979104
In complete sentences and with complete reasoning, please answer which bank gives the better loan deal? Why? Answer: Bank A is the best option when it comes to taking loans. This is because it has the lowest amount of interest paid , which will means the group will pay much less compared to taking loans from Bank B.