Parents wish to have $160,000 available for achild's education. If the child is now 2 yearsold, how much money must be set aside at 6% compounded semiannually to meet their financial goal when the child is18?

The amount that should be set aside is

.

(Round up to the nearestdollar.)

2.V=Tanja wants to establish an account that will supplement her retirement income beginning 25 years from now. Find the lump sum she must deposit today so that $200,000 will be available at time ofretirement, if the interest rate is 7%, compounded quarterly.

How much must Tanjainvest?

(Round to the nearest cent asneeded.)

3.Occasionally a savings account may actually pay interest compounded continuously. For eachdeposit, find the interest earned if interest is compounded(a) semiannually,(b) quarterly,(c) monthly,(d) daily, and(e) continuously. Use 1 year=365 days.

Principal : $1015

Rate : 1.7%

Time : 3 years

The interest earned if interest is compounded semiannually is

(Do not round until the final answer. Then round to the nearest cent asneeded.)

4.The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.

Principal : $3500

Rate : 6%

Compounded : monthly

Time : 2 years

A. Find how much money there will be in the account after the given number of years.

B. Find the interest earned.