1. Sam Long anticipates he will need approximately $226,800 in 15 years to cover his 3-year-old daughters college bills for a 4-year degree. How much would he have to invest today at an interest rate of 8 percent compounded semiannually? (Do not round intermediate calculations. Round your answer to the nearest cent.)

2. Lynn Ally, owner of a local Subway shop, loaned $53,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 6 years with 8% interest compounded semiannually. How much will Lynn receive at the end of 6 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)

3. Marit Brunsell deposited $70,000 at Bank of America at 20% interest compounded quarterly. What is the effective rate (APY)? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)