Question 1. Sam Long anticipates he will need approximately $225,600 in 15 years to cover his 3-year-old daughter's college bills for a 4-year degree.

How much would he have to invest today at an interest rate of 6% compounded semiannually? (Use theTableprovided.)(Do not round intermediate calculations. Round your answer to the nearest cent.)

Question 2. Lynn Ally, owner of a local Subway shop, loaned $62,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 10 years with 4% interest compounded semiannually.

How much will Lynn receive at the end of 10 years? (Use theTableprovided.)(Do not round intermediate calculations.Round your answer to the nearest cent.)

Question 3. Molly Hamilton deposited $68,000 at Bank of America at 12% interest compounded quarterly.

What is the effective rate (APY)? (Use theTableprovided.)(Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

Question 4. Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 12% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $11,100 to invest. He expects to withdraw the money at the end of 8 years.

Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use theTableprovided.)(Do not round intermediate calculations.Round your answers to the nearest cent.)

Question 5. Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,000 at 9% interest compounded semiannually.

At the end of 6years, what is the balance in Lee's account? (Use theTableprovided.)(Do not round intermediate calculations. Round your answer to the nearest cent.)