You have to pay 16000 a year in school fees at the end of

Reference no: EM13589573

You have to pay $16,000 a year in school fees at the end of each of the next ten years. If the interest rate is 12%, 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.)

You have invested $160,000 at 12%. After paying the above school fees, how much would remain at the end of the ten years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM13589573

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