Michelle wants to invest a certain amount of money today for her daughter's college education, to make sure she has $20,000 in 10 years when she leaves for college. If Michelle expects to earn 12% interest in her investment, how much does she need to invest today? O $5,000 O $6,440 O $3,540 Present Value of a $1 Period 12% 5 O$12,500 10 15 25 20 30 0.567 0.322 0.183 0.104 0.059 0.033 Present Value of an Annuity of $1 5 10 15 20 25 30 Period 12% 3.605 5.650 6.811 7.469 7.849 8.055 Future Value of a $1 Period 12% 5 10 15 20 25 30 1.762 3.106 5.474 9.646 17.000 29.960 Future Value of an Annuity of $1 Period 12% 5 10 15 20 25 30 4.222 2.396 1.359 0.771 0.438 0.248

14.440 55,000 512300