Vesuvius Company needs $10,000 on January 1, 2017. It is starting a fund on January 1, 2014.

Instructions
Compute the amount that must be invested in the fund on January 1, 2014, to produce a $10,000 balance on January 1, 2017, if:
(a) The fund earns 8% per year compounded annually.
(b) The fund earns 8% per year compounded semiannually.
(c) The fund earns 12% per year compounded annually.
(d) The fund earns 12% per year compounded semiannually.