1. Phil Nelson anticipates he will need approximately $227,000 in 11 years to cover his daughter's college bills for a 4-year degree. How much would he have to invest today, at an interest rate of 10 percent compounded semiannually?

6. Calculating Interest Rates. Assume the total cost of a college education will be $290,000 when your child enters çollege in 18 years. You presently have $35,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education?

John would like to accumulate $100,000 by the time his son starts college in ten years.  What amount would he need to deposit now in a deposit account earning 5%, compounded yearly, to accumulate his savings goal? What if interest is compounded semiannually?

Alex will need $9860 per year for four years to support his daughters university tuition (first tuition is paid at the beginning of the 11th year). How much will Alex have to invest at the beginning of each year for the 10 years before his daughter begins her studies if their savings earn compound interest at 6 percent per year?   A)$2,378.49   B)$2,593.46   C)$2,697.47   D)$2,400.74   E)$2,544.78