1) Kenneth Clark is considering an investment that pays 6.10 percent, compounded annually. How much will he have to invest today so that the investment will be worth $28,000 in six years?

2) Find the present value of $4,100 under each of the following rates and periods:

a. 8.9 percent compounded monthly for five years.

b. 6.6 percent compounded quarterly for eight years.

c. 4.3 percent compounded daily for four years.

d. 5.7 percent compounded continuously for three years.