b. 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.) ANSWER: $ 90,403.20

c. You have invested $160,000 at 12%. After paying the above school fees, how much would remain at the end of the ten years?