Calculate the future value in each of the following situations:

a. An investor purchases a long-term investment for \($100,000\) that pays 4 percent interest per year for nine years, compounded semi-annually. How much will the investor receive when the investment matures?

b. Marcel borrows \($60,000\) at 7 percent to buy a new luxury car. Interest and principal must be paid in full in three years. How much will Marcel have to pay the lender in three years?

c. A 50-year-old woman invests \($10,000\) into her registered retirement saving plan.

She purchases an investment certificate that pays 5 percent per year for 15 years.

How much will she have in her plan when the certificate matures?

d. Brenda invests \($25,000\) in a money market fund. If the fund earns 2 percent per year, compounded quarterly, how much will she have at the end of five years?