) Paul Havlik promised his grandson that he would give him $6,000 8 years from today for graduating from high school. Assume money is worth 6% interst compounded semi-annually. What is the present value of this $6,000?

) Earl wants to retire in SanDiego when he is 65 years old. Earl is now 50. He believes he will need $300,000 to retire comfortably. To date, Earl has set aside no retirement money. Assume Earl gets 6% interest compounded semi-anually. How much will he have when he is ready to retire?

) Jackie Rich would like to buy a $19,000 Toyota car in 4 years. Jackie wants to put the money aside now. Jackies bank offers 8% interest compounded semi-annually. How much must Jackie invest today?

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