13).

a.

b.

Parents wish to have $160,000 available for a child's education. If the child is now 4 years old, how much money must be set aside at 4% compounded semiannually to meet their financial goal when the child is 18? The amount that should be set aside is $ (Round up to the nearest dollar.) You invest $1650 in an account paying 6.2% interest compounded daily. What is the account's effective annual yield? Assume 360 days in a year. The account's effective annual yield is %. (Round to two decimal places as needed.)