a. The cost of a new automobile is

$10,700

. If the interest rate is

4%

, how much would you have to set aside now to provide this sum in four years?\ Note: Do not round intermediate calculations. Round your answer to 2 decimal places.\ b. You have to pay

$12,000

a year in school fees at the end of each of the next five years. If the interest rate is

7%

, how much do you need to set aside today to cover these bills?\ Note: Do not round intermediate calculations. Round your answer to 2 decimal places.\ c. You have invested

$60,000

at

7%

. After paying the above school fees, how much would remain at the end of the five years? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.\ \\\\table[[a. Present value,

$

,

42,445.70

a. The cost of a new automobile is $10,700. If the interest rate is 4%, how much would you have to set aside now to provide this sum in four years? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. You have to pay $12,000 a year in school fees at the end of each of the next five years. If the interest rate is 7%, how much do you need to set aside today to cover these bills? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. c. You have invested $60,000 at 7%. After paying the above school fees, how much would remain at the end of the five years? Note: Do not round intermediate calculations. Round your answer to 2 decimal places