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Sam Long anticipates he will need approximately $225,100 in 10 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 the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount

Sam Long anticipates he will need approximately $225,100 in 10 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 the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter10: Decentralization: Responsibility Accounting, Performance Evaluation, And Transfer Pricing
Section: Chapter Questions
Problem 23E: Refer to 10.22. If the imputed interest rate is 6%, what is Anders Company residual income for the...
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Present value interest factor of $1 per period at i% for n periods, PVIF(i,n). 9.5% 10.0% Period 0.5% 1.0% 1 0.8340 2 3 0.7462 0.7252 0.7050 0.6853 0.6663 0.6480 0.6302 0.6129 9 10 11 12 13 14 18 0.4746 1.5% 20% 2.5% 3.0 % 3.5 % 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0 % 7.5 % 8.0% 8.5% 9.0 % 0.9950 0.9901 0.9852 0.9804 0.9756 0.9709 0.9662 0.9615 0.9569 0.9524 0.9479 0.9434 0.9390 0.9346 0.9302 0.9259 0.9217 0.9174 0.9132 0.9091 0.9901 0.9803 0.9707 0.9612 0.9518 0.9426 0.9335 0.9246 0.9157 0.9070 0.8985 0.8900 0.8817 0.8734 0.8653 0.8573 0.8495 0.8417 0.9851 0.9706 0.9563 0.9423 0.9286 0.9151 0.9019 0.8890 0.8264 0.8763 0.8638 0.8516 0.8396 0.8278 0.8163 0.8050 0.7938 0.9802 0.9610 0.9422 0.9238 0.9060 0.8885 0.8714 0.8548 0.8386 0.7829 0.7722 0.7617 0.7513 08227 0.8072 0.7921 0.7773 0.7629 0.7488 0.7350 0.7216 0.7084 0.9754 0.9515 0.9283 0.9057 0.8839 0.8626 0.8420 0.8219 0.8025 0.6956 0.6830 0.7835 0.7651 0.7473 0.7299 0.7130 0.6966 0.6806 0.9705 0.9420 0.9145 0.8880 0.8623 0.8375 0.8135 0.7903 0.7679 0.6650 0.6499 0.6352 0.6209 0.9657 0.9327 0.9010 0.5963 0.8706 0.5801 0.8413 0.8131 0.7860 0.7599 0.7348 0.7107 0.5645 0.6874 0.6651 0.6435 0.9509 0.9235 0.8877 0.6227 0.6028 0.5835 0.5649 0.8535 0.5470 0.5298 0.8207 0.5132 0.7894 0.7594 0.7307 0.7032 0.6768 0.6516 0.6274 0.6042 0.5820 0.9561 0.9143 0.8746 0.5607 0.5403 0.5207 0.5019 0.8368 0.8007 0.4838 0.7664 0.4665 0.7337 0.7026 0.6729 0.6446 0.6176 0.5919 0.5674 0.5439 0.5216 0.9513 0.9053 0.8617 0.8203 0.5002 0.4799 0.4604 0.4418 0.7812 0.7441 0.7089 0.4241 0.6756 0.6439 0.6139 0.5854 0.5584 0.5327 0.5083 0.4852 0.9466 0.8953 0.8489 0.8043 0.4632 0.4423 0.4224 0.7621 0.7224 0.6849 0.6496 0.6162 0.4035 0.3855 0.5847 0.5549 0.5268 0.5002 0.4751 0.4513 0.9419 0.8874 0.8364 0.7885 0.4289 0.4076 0.3875 0.3685 0.3505 0.7436 0.7014 0.6618 0.6246 0.5897 0.5568 0.5260 0.4970 0.4697 0.4440 0.4199 0.9372 0.8787 0.8240 0.3971 0.7730 0.7254 0.3757 0.6810 0.6394 0.6006 0.5643 0.5303 0.4986 0.3555 0.3365 0.3186 0.4688 0.4410 0.4150 0.9326 0.8700 0.8118 0.7579 0.3906 0.3677 0.3463 0.7077 0.6611 0.3262 0.3073 0.2897 0.6178 0.5775 0.5400 0.5051 0.4726 0.4423 0.4141 15 0.9279 0.3878 0.8613 0.7999 0.7430 0.3633 0.3405 0.6905 0.6419 0.3191 0.2992 0.5969 0.5553 0.2807 0.2633 0.5167 0.4810 0.4479 0.4173 0.3888 0.3624 0.3380 16 0.9233 0.8528 0.7880 0.7284 0.3152 0.6736 0.6232 0.2941 0.5767 0.5339 0.2745 0.4945 0.4581 0.4246 0.2563 0.2394 0.3936 0.3651 0.3387 17 0.9187 0.3144 0.8444 0.7764 0.7142 0.2919 0.6572 0.6050 0.2711 0.5572 0.5134 0.4732 0.2519 02341 0.4363 0.2176 0.4024 0.3714 0.3428 0.9141 0.8360 0.7649 0.7002 0.3165 0.2925 0.2703 0.6412 0.5874 0.2499 0.5384 0.4936 0.4528 0.2311 0.2138 0.1978 0.4155 0.3815 0.3503 0.3219 0.2959 0.2720 0.9096 0.8277 0.7536 0.6864 0.6255 0.5703 0.2502 0.2303 0.5202 02120 0.1952 0.4333 0.1799 0.3957 0.3616 0.3305 0.3022 20 0.9051 0.8195 0.2765 0.2531 0.7425 0.6730 0.6103 0.2317 0.5537 0.5026 02122 0.4564 0.4146 0.1945 0.1783 0.3769 0.1635 0.3427 0.3118 0.2838 0.2584 21 0.9006 0.8114 0.7315 0.6598 02354 0.2145 0.1956 0.5954 0.5375 0.4856 0.4388 0.1784 0.3968 0.1628 0.3589 0.3249 0.1486 02942 22 0.2665 0.8961 0.8034 0.7207 0.2415 02190 0.6468 05809 0.5219 0.1987 0.1803 0.1637 0.4692 0.4220 0.3797 03418 03079 02775 0.1487 0.1351 23 0.8916 0.7954 0.2502 0.7100 06342 0.2257 0.2037 0.5667 0.1839 0.1662 0.1502 0.1358 0.5067 0.4533 0.4057 0.3634 0.3256 0.1228 24 0.2919 0.2618 0.8872 0.7876 0.6995 0.2349 0.2109 0.1895 0.6217 0.5529 0.4919 0.4380 0.3901 0.3477 0.3101 0.1703 0.1531 0.1378 0.1240 0.1117 0.2767 25 0.8828 0.7798 0.2470 0.2206 0.1971 0.6892 0.6095 0.5394 0.4776 04231 0.1763 0.1577 0.1412 0.126 0.3751 0.3327 0.2953 0.2622 02330 0.1133 0.1015 26 0.8784 0.7720 0.6790 0.5976 02071 0.1842 0.1640 0.1460 0.5262 0.4637 0.4088 0.1301 0.3607 0.1160 0.1034 0.3184 0.2812 0.2485 02198 0.0923 27 0.8740 0.7644 0.6690 0.5859 0.1945 0.1722 0.1525 0.1352 0.1199 0.5134 0.4502 0.3950 0.3468 0.3047 0.1064 0.0945 0.0839 0.8697 0.7568 0.6591 0.5744 0.5009 0.2678 0.2356 02074 0.1826 0.1609 0.1419 0.1252 0.1105 0.4371 0.3817 0.0976 0.3335 0.2916 0.2551 0.2233 0.0863 0.0763 0.8653 0.7493 0.6494 0.5631 0.4887 0.4243 0.1956 0.1715 0.1504 0.1320 0.1159 0.3687 0.1019 0.0895 0.0788 0.3207 0.2790 0.2429 0.2117 0.0693 0.8610 0.7419 0.6398 0.5521 0.1846 0.1610 0.1406 0.4767 0.4120 0.1228 0.1073 0.3563 0.0939 0.3083 0.0822 0.0719 0.0630 0.8567 0.2670 0.2314 0.2006 0.1741 0.7346 0.6303 0.5412 0.1512 0.4651 0.1314 0.4000 0.3442 02965 0.1142 0.0994 0.0865 0.0754 0.0657 0.0573 0.2555 0.8525 0.2204 0.1902 0.1643 0.7273 0.6210 0.5306 0.4538 0.1420 0.3883 0.1228 0.1063 0.0920 0.0797 0.0691 0.0600 0.0521 03326 0.2851 0.2445 0.2099 0.1803 0.8482 0.7201 06118 0.5202 0.1550 0.1333 0.4427 0.1147 0.3770 0.3213 02741 0.0988 0.0852 0.0735 0.0634 0.0548 0.0474 02340 0.1999 0.1709 0.1462 0.4319 0.1252 0.3660 0.3105 0.1072 0.0919 0.0789 0.0677 0.2636 0.0582 0.0500 0.0431 02239 0.1904 0.1620 0.1379 0.4214 0.3554 0.1175 0.1002 0.0855 0.3000 0.0730 0.0624 0.2534 02143 0.0534 0.0457 0.0391 0.1813 0.1535 0.4111 0.1301 0.1103 0.3450 0.0937 0.0796 0.2898 02437 0.2050 0.1727 0.0576 0.0575 0.0490 0.0417 0.0356 0.1455 0.1227 0.3350 0.1036 0.0875 0.2800 0.2343 0.0740 0.0626 0.0530 0.0449 0.1962 0.0381 0.1644 0.1379 00323 0.1158 0.0973 0.0818 0.3252 0.2706 0.2253 0.0688 0.0500 0.0489 0.0412 0.1878 0.0348 0.1566 0.1307 0.1092 0.0914 0.0765 0.3158 0.2614 0.0640 0.0537 0.0450 0.2166 0.0378 0.1797 0.0318 0.1491 0.1239 0.1031 0.0858 0.0715 0.0596 0.2526 0.0497 0.0415 0.2003 0.0347 0.0290 0.0972 0.0805 0.2976 02440 0.0668 0.0554 0.0460 0.0383 0.0318 0.0265 0.0756 0.0624 0.0516 0.0426 0.0353 0.0292 0.0242 0.1055 0.0710 0.0583 0.0480 0.0395 0.0325 0.0268 0.0221 0.0183 0.1000 0.0816 0.0667 0.0545 00446 0.0365 0.0300 0.0246 0.0202 0.0166 0.0948 0.0770 0.0626 0.0509 0.0415 0.0338 0.0276 0.0226 0.0184 0.1113 0.0899 0.0727 0.0588 0.0476 0.0151 0.0386 0.0313 0.0254 0.1060 0.0207 0.0168 0.0852 00685 0.0137 0.0552 0.0445 0.0359 0.0290 0.0235 0.0190 0.1009 0.0807 0.0647 0.0125 0.0518 0.0416 0.0334 0.0269 0.0216 0.0174 0.0140 0.1209 0.0961 0.0765 0.0610 0.0487 0.0113 0.0389 0.0249 0.1157 0.0916 0.0725 0.0575 0.0457 0.0363 0.0289 0.0230 0.0199 0.0160 0.0128 0.0103 0.2281 0.1791 0.1407 0.1107 00872 00688 00543 00429 00339 00259 0.0213 0.0184 0.0147 0.0117 0.0094 0.0169 0.0134 0.0107 0.0085 28 0.7130 0.6028 0.5100 0.7059 0.5939 0.5000 0.6989 0.5851 0.4902 0.4806 0.6920 0.5764 0.4011 0.8274 0.6852 0.5679 0.0294 0.6784 0.0267 0.5595 0.8232 0.8191 0.4619 0.0243 0.6717 0.5513 0.4529 0.1719 0.1420 0.1175 0.8151 0.6650 05431 0.4440 0.1645 0.1353 0.1113 08110 0.0221 0.0201 0.6584 0.6519 0.2890 0.2358 0.2805 0.2278 0.0917 00865 0.1574 0.1288 0.8070 0.2003 0.1926 0.1852 0.1780 04712 0.3913 0.3817 0.3724 0.3066 0.3633 0.5351 0.4353 0.3545 0.5272 0.4268 0.3458 08030 0.6454 0.5194 0.4184 0.3374 02724 02201 0.7990 0.6391 0.5117 0.4102 0.3292 02644 02127 0.7950 0.6327 0.5042 0.4022 0.3211 0.2567 0.2055 0.7910 0.4967 0.3943 0.3133 0.2493 0.7871 0.4894 0.3865 0.3057 0.2420 0.7832 0.6141 0.4821 0.3790 0.2982 0.2350 0.7793 06080 04750 03715 0.2909 0.1507 0.1227 0.1169 0.1442 0.1712 0.1380 0.1646 0.1320 0.0154 0.6265 0.6203 0.1263 0.1985 0.1918 0.1853 0.1583 0.1522 0.1463 0.0311 4 5 6 7 8 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 0.8440 0.8398 0.8356 0.8315 Sam Long anticipates he will need approximately $225,100 in 10 years to cover his 3-year-old daughter's college bills for a 4-year degree. Amount How much would he have to invest today at an interest rate of 6% compounded semiannually? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Transcribed Image Text:Present value interest factor of $1 per period at i% for n periods, PVIF(i,n). 9.5% 10.0% Period 0.5% 1.0% 1 0.8340 2 3 0.7462 0.7252 0.7050 0.6853 0.6663 0.6480 0.6302 0.6129 9 10 11 12 13 14 18 0.4746 1.5% 20% 2.5% 3.0 % 3.5 % 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0 % 7.5 % 8.0% 8.5% 9.0 % 0.9950 0.9901 0.9852 0.9804 0.9756 0.9709 0.9662 0.9615 0.9569 0.9524 0.9479 0.9434 0.9390 0.9346 0.9302 0.9259 0.9217 0.9174 0.9132 0.9091 0.9901 0.9803 0.9707 0.9612 0.9518 0.9426 0.9335 0.9246 0.9157 0.9070 0.8985 0.8900 0.8817 0.8734 0.8653 0.8573 0.8495 0.8417 0.9851 0.9706 0.9563 0.9423 0.9286 0.9151 0.9019 0.8890 0.8264 0.8763 0.8638 0.8516 0.8396 0.8278 0.8163 0.8050 0.7938 0.9802 0.9610 0.9422 0.9238 0.9060 0.8885 0.8714 0.8548 0.8386 0.7829 0.7722 0.7617 0.7513 08227 0.8072 0.7921 0.7773 0.7629 0.7488 0.7350 0.7216 0.7084 0.9754 0.9515 0.9283 0.9057 0.8839 0.8626 0.8420 0.8219 0.8025 0.6956 0.6830 0.7835 0.7651 0.7473 0.7299 0.7130 0.6966 0.6806 0.9705 0.9420 0.9145 0.8880 0.8623 0.8375 0.8135 0.7903 0.7679 0.6650 0.6499 0.6352 0.6209 0.9657 0.9327 0.9010 0.5963 0.8706 0.5801 0.8413 0.8131 0.7860 0.7599 0.7348 0.7107 0.5645 0.6874 0.6651 0.6435 0.9509 0.9235 0.8877 0.6227 0.6028 0.5835 0.5649 0.8535 0.5470 0.5298 0.8207 0.5132 0.7894 0.7594 0.7307 0.7032 0.6768 0.6516 0.6274 0.6042 0.5820 0.9561 0.9143 0.8746 0.5607 0.5403 0.5207 0.5019 0.8368 0.8007 0.4838 0.7664 0.4665 0.7337 0.7026 0.6729 0.6446 0.6176 0.5919 0.5674 0.5439 0.5216 0.9513 0.9053 0.8617 0.8203 0.5002 0.4799 0.4604 0.4418 0.7812 0.7441 0.7089 0.4241 0.6756 0.6439 0.6139 0.5854 0.5584 0.5327 0.5083 0.4852 0.9466 0.8953 0.8489 0.8043 0.4632 0.4423 0.4224 0.7621 0.7224 0.6849 0.6496 0.6162 0.4035 0.3855 0.5847 0.5549 0.5268 0.5002 0.4751 0.4513 0.9419 0.8874 0.8364 0.7885 0.4289 0.4076 0.3875 0.3685 0.3505 0.7436 0.7014 0.6618 0.6246 0.5897 0.5568 0.5260 0.4970 0.4697 0.4440 0.4199 0.9372 0.8787 0.8240 0.3971 0.7730 0.7254 0.3757 0.6810 0.6394 0.6006 0.5643 0.5303 0.4986 0.3555 0.3365 0.3186 0.4688 0.4410 0.4150 0.9326 0.8700 0.8118 0.7579 0.3906 0.3677 0.3463 0.7077 0.6611 0.3262 0.3073 0.2897 0.6178 0.5775 0.5400 0.5051 0.4726 0.4423 0.4141 15 0.9279 0.3878 0.8613 0.7999 0.7430 0.3633 0.3405 0.6905 0.6419 0.3191 0.2992 0.5969 0.5553 0.2807 0.2633 0.5167 0.4810 0.4479 0.4173 0.3888 0.3624 0.3380 16 0.9233 0.8528 0.7880 0.7284 0.3152 0.6736 0.6232 0.2941 0.5767 0.5339 0.2745 0.4945 0.4581 0.4246 0.2563 0.2394 0.3936 0.3651 0.3387 17 0.9187 0.3144 0.8444 0.7764 0.7142 0.2919 0.6572 0.6050 0.2711 0.5572 0.5134 0.4732 0.2519 02341 0.4363 0.2176 0.4024 0.3714 0.3428 0.9141 0.8360 0.7649 0.7002 0.3165 0.2925 0.2703 0.6412 0.5874 0.2499 0.5384 0.4936 0.4528 0.2311 0.2138 0.1978 0.4155 0.3815 0.3503 0.3219 0.2959 0.2720 0.9096 0.8277 0.7536 0.6864 0.6255 0.5703 0.2502 0.2303 0.5202 02120 0.1952 0.4333 0.1799 0.3957 0.3616 0.3305 0.3022 20 0.9051 0.8195 0.2765 0.2531 0.7425 0.6730 0.6103 0.2317 0.5537 0.5026 02122 0.4564 0.4146 0.1945 0.1783 0.3769 0.1635 0.3427 0.3118 0.2838 0.2584 21 0.9006 0.8114 0.7315 0.6598 02354 0.2145 0.1956 0.5954 0.5375 0.4856 0.4388 0.1784 0.3968 0.1628 0.3589 0.3249 0.1486 02942 22 0.2665 0.8961 0.8034 0.7207 0.2415 02190 0.6468 05809 0.5219 0.1987 0.1803 0.1637 0.4692 0.4220 0.3797 03418 03079 02775 0.1487 0.1351 23 0.8916 0.7954 0.2502 0.7100 06342 0.2257 0.2037 0.5667 0.1839 0.1662 0.1502 0.1358 0.5067 0.4533 0.4057 0.3634 0.3256 0.1228 24 0.2919 0.2618 0.8872 0.7876 0.6995 0.2349 0.2109 0.1895 0.6217 0.5529 0.4919 0.4380 0.3901 0.3477 0.3101 0.1703 0.1531 0.1378 0.1240 0.1117 0.2767 25 0.8828 0.7798 0.2470 0.2206 0.1971 0.6892 0.6095 0.5394 0.4776 04231 0.1763 0.1577 0.1412 0.126 0.3751 0.3327 0.2953 0.2622 02330 0.1133 0.1015 26 0.8784 0.7720 0.6790 0.5976 02071 0.1842 0.1640 0.1460 0.5262 0.4637 0.4088 0.1301 0.3607 0.1160 0.1034 0.3184 0.2812 0.2485 02198 0.0923 27 0.8740 0.7644 0.6690 0.5859 0.1945 0.1722 0.1525 0.1352 0.1199 0.5134 0.4502 0.3950 0.3468 0.3047 0.1064 0.0945 0.0839 0.8697 0.7568 0.6591 0.5744 0.5009 0.2678 0.2356 02074 0.1826 0.1609 0.1419 0.1252 0.1105 0.4371 0.3817 0.0976 0.3335 0.2916 0.2551 0.2233 0.0863 0.0763 0.8653 0.7493 0.6494 0.5631 0.4887 0.4243 0.1956 0.1715 0.1504 0.1320 0.1159 0.3687 0.1019 0.0895 0.0788 0.3207 0.2790 0.2429 0.2117 0.0693 0.8610 0.7419 0.6398 0.5521 0.1846 0.1610 0.1406 0.4767 0.4120 0.1228 0.1073 0.3563 0.0939 0.3083 0.0822 0.0719 0.0630 0.8567 0.2670 0.2314 0.2006 0.1741 0.7346 0.6303 0.5412 0.1512 0.4651 0.1314 0.4000 0.3442 02965 0.1142 0.0994 0.0865 0.0754 0.0657 0.0573 0.2555 0.8525 0.2204 0.1902 0.1643 0.7273 0.6210 0.5306 0.4538 0.1420 0.3883 0.1228 0.1063 0.0920 0.0797 0.0691 0.0600 0.0521 03326 0.2851 0.2445 0.2099 0.1803 0.8482 0.7201 06118 0.5202 0.1550 0.1333 0.4427 0.1147 0.3770 0.3213 02741 0.0988 0.0852 0.0735 0.0634 0.0548 0.0474 02340 0.1999 0.1709 0.1462 0.4319 0.1252 0.3660 0.3105 0.1072 0.0919 0.0789 0.0677 0.2636 0.0582 0.0500 0.0431 02239 0.1904 0.1620 0.1379 0.4214 0.3554 0.1175 0.1002 0.0855 0.3000 0.0730 0.0624 0.2534 02143 0.0534 0.0457 0.0391 0.1813 0.1535 0.4111 0.1301 0.1103 0.3450 0.0937 0.0796 0.2898 02437 0.2050 0.1727 0.0576 0.0575 0.0490 0.0417 0.0356 0.1455 0.1227 0.3350 0.1036 0.0875 0.2800 0.2343 0.0740 0.0626 0.0530 0.0449 0.1962 0.0381 0.1644 0.1379 00323 0.1158 0.0973 0.0818 0.3252 0.2706 0.2253 0.0688 0.0500 0.0489 0.0412 0.1878 0.0348 0.1566 0.1307 0.1092 0.0914 0.0765 0.3158 0.2614 0.0640 0.0537 0.0450 0.2166 0.0378 0.1797 0.0318 0.1491 0.1239 0.1031 0.0858 0.0715 0.0596 0.2526 0.0497 0.0415 0.2003 0.0347 0.0290 0.0972 0.0805 0.2976 02440 0.0668 0.0554 0.0460 0.0383 0.0318 0.0265 0.0756 0.0624 0.0516 0.0426 0.0353 0.0292 0.0242 0.1055 0.0710 0.0583 0.0480 0.0395 0.0325 0.0268 0.0221 0.0183 0.1000 0.0816 0.0667 0.0545 00446 0.0365 0.0300 0.0246 0.0202 0.0166 0.0948 0.0770 0.0626 0.0509 0.0415 0.0338 0.0276 0.0226 0.0184 0.1113 0.0899 0.0727 0.0588 0.0476 0.0151 0.0386 0.0313 0.0254 0.1060 0.0207 0.0168 0.0852 00685 0.0137 0.0552 0.0445 0.0359 0.0290 0.0235 0.0190 0.1009 0.0807 0.0647 0.0125 0.0518 0.0416 0.0334 0.0269 0.0216 0.0174 0.0140 0.1209 0.0961 0.0765 0.0610 0.0487 0.0113 0.0389 0.0249 0.1157 0.0916 0.0725 0.0575 0.0457 0.0363 0.0289 0.0230 0.0199 0.0160 0.0128 0.0103 0.2281 0.1791 0.1407 0.1107 00872 00688 00543 00429 00339 00259 0.0213 0.0184 0.0147 0.0117 0.0094 0.0169 0.0134 0.0107 0.0085 28 0.7130 0.6028 0.5100 0.7059 0.5939 0.5000 0.6989 0.5851 0.4902 0.4806 0.6920 0.5764 0.4011 0.8274 0.6852 0.5679 0.0294 0.6784 0.0267 0.5595 0.8232 0.8191 0.4619 0.0243 0.6717 0.5513 0.4529 0.1719 0.1420 0.1175 0.8151 0.6650 05431 0.4440 0.1645 0.1353 0.1113 08110 0.0221 0.0201 0.6584 0.6519 0.2890 0.2358 0.2805 0.2278 0.0917 00865 0.1574 0.1288 0.8070 0.2003 0.1926 0.1852 0.1780 04712 0.3913 0.3817 0.3724 0.3066 0.3633 0.5351 0.4353 0.3545 0.5272 0.4268 0.3458 08030 0.6454 0.5194 0.4184 0.3374 02724 02201 0.7990 0.6391 0.5117 0.4102 0.3292 02644 02127 0.7950 0.6327 0.5042 0.4022 0.3211 0.2567 0.2055 0.7910 0.4967 0.3943 0.3133 0.2493 0.7871 0.4894 0.3865 0.3057 0.2420 0.7832 0.6141 0.4821 0.3790 0.2982 0.2350 0.7793 06080 04750 03715 0.2909 0.1507 0.1227 0.1169 0.1442 0.1712 0.1380 0.1646 0.1320 0.0154 0.6265 0.6203 0.1263 0.1985 0.1918 0.1853 0.1583 0.1522 0.1463 0.0311 4 5 6 7 8 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 0.8440 0.8398 0.8356 0.8315 Sam Long anticipates he will need approximately $225,100 in 10 years to cover his 3-year-old daughter's college bills for a 4-year degree. Amount How much would he have to invest today at an interest rate of 6% compounded semiannually? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
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