Problem 2-33 Future values and annuities a. The cost of a new automobile is $12,000. If the interest rate is 4%, how much would you have to set aside now to provide this sum in four years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value b. You have to pay $16,000 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value c. You have invested $80,000 at 7%. After paying the above school fees, how much would remain at the end of the five years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Future value