6. Tom and Mary have saved $100,000 to finance their daughter Jennys college education. They deposited the money in the Arrowhead Savings and Loan Association, where it earns 5% interest compounded semiannually. What equal amounts can their daughter withdraw at the end of every 6 months during her 4 college years, without exhausting the fund?

Instructions: use the Compound interest tables to solve

-Future value of 1 (future value of a single sum)

-Present value of 1 (present value of a single sum)

-Future value of an ordinary annuity of 1

-Present value of an ordinary annuity of 1

-Present value of an annuity Due of 1