Bill O'Brien would like to take his wife, Mary, on a trip four years from now to Europe to celebrate their 40th anniversary. He has just received a $19000 inheritance from an uncle and intends to invest it for the trip. Bill estimates the trip will cost $23700 and he believes he can earn 5% interest, compounded annually, on his investment. What amount will he have after four years? Assume that the trip will cost $25300. What interest rate, compounded annually, must Bill earn to accumulate enough to pay for the trip? Bill's total in 4 years Interest rate needed to meet new cost (in %) | Don James purchased a new automobile for $24000. Don made a cash down payment of $6000 and agreed to pay the remaining balance in 48 monthly installments, beginning one month from the date of purchase. Financing is available at a 12% annual interest rate. Calculate the amount of the required monthly payment. Payment amounts Determine the combined present value as of December 31, 2013, of the following four payments to be received at the end of each of the designated years, assuming an annual interest rate of 4%