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1. Altima plans to invest money today at an interest rate of 3% compounded annually to have $60,000 available for the purchase of a car 6 years from now. How much does the firm need to invest today?

2. You have been accepted into a prestigious private university in Illinois for your doctoral program. Congratulations! Since no one from this school has ever graduated in only 4 years, you anticipate that you will need to make 10 semi-annual tuition payments of $30,000 each with the first cash flow 6 months from today. If you choose to discount these cash flows at an annual rate of 7%, what is the present value cost of tuition to attend your university of choice?

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