WORD PROBLEMS 12-12. Sam Long anticipates he will need approximately s225.000 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 s percent compounded semiannually? LU 12-2(2) 12-13. Lynn Ally, owner of a local Subway shop, loaned $40,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 8 years with 6% interest compounded semiannually. How much will Lynn receive at the end of 8 years? LU 12-1(2) 00 at Bankof America at 8% interest compounded quarterly. What is the effective rate Molly Hamilton deposited SS (APY) to the nearest hundredth percent? LUT2-1() 12-14. 12-15. Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers el i0% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $10,000 to invest. He expects to withdraw the money at the end of 4 years. Which bank gives Melvin the better deal? Check your answer. LU 12-1(3) 12-16. Lee Holmes ited $15.000 in a of