You have to pay $12,000 a year in school fees, payable at the beginning of the year, for four years. The interest rate is 7.846% with semiannual compounding.

a) How much do you need to set aside today to cover these bills?

b) Your uncle offers to pay off all your school-fee-related loans at the end of your school life (that is, at the end of four years). How much will he have to pay?

c) You could get a work-study job paying $25/hour, paid at the end of each year. Assuming you work an equal number of hours each year, how many hours would you have to work per year to pay for school?