a. The cost of a new automobile is $11,200. If the interest rate is 8%, how much would you have to set aside now to provide this sum in eight years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Present value $
b. You have to pay $15,000 a year in school fees at the end of each of the next nine years. If the interest rate is 11%, how much do you need to set aside today to cover these bills? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Present value $
c. You have invested $135,000 at 11%. After paying the above school fees, how much would remain at the end of the nine years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Future value $