Compute the value for each of the following independent situations. Note: Use Excel or a financial calculator. Round your answers to 2 decimal places. 1. To save for their new child's college education, a couple places $27,800 in an account. What amount will accumulate in the account at the end of 18 years, assuming an interest rate of 7.25% compounded annually? 2. An individual has just inherited a piece of land. The individual plans to hold the land for three years and the expects the land to sell for $207,000. What is the value today of inheriting the land, assuming an interest 3. To save money for the down payment on a house, an individual places $6,400 in an account at the end of each quarter. What today, assuming an interest rate of 6.5%. 5. To help repay debt that will come due in 12 years, a company places $25,600 in an account at the beginning of each six-month period. What amount will accumulate in the account at the end of 12 years, assuming an interest rate of 4.5% compounded semiannually? 6. To rent office space, a company signs a lease agreeing to pay $3,900 at the beginning of each month for the next three years. What is the cost today of the lease, assuming an interest rate of 5% compounded monthly