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How much would remain at the end of the nine years

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Question

a. The cost of a new automobile is $10,800. 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 $10,000 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 $90,000 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 $

Reference no: EM132342675

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