In the September 18, 2006 issue of The U.S. News & World Report, savings plans and the cost of attending a 4-year college were thoroughly reviewed. Lawrence Ferlong anticipates he will need about $218,000 in 15 years to cover his child's college bills for the four years. His daughter is currently 3 years old. How much will Lawrence need to invest today, at an interest rate of 8% compounded semiannually?