5.) a. The cost of a new automobile is $10,200. 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.)

b. You have to pay $11,000 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.)

c. You have invested $99,000 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.)

7) If the interest rate is 10% compounded annually, what is the value of the following three investments?

a. An investment that offers you $160 a year in perpetuity with the payment at the end of each year. (Round your answer to 2 decimal places.)

b. A similar investment with the payment at the beginning of each year. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

c. A similar investment with the payment spread evenly over each year. (Do not round intermediate calculations. Round your answer to 2 decimal places.)