The cost of a new automobile is $11,100. If the interest rate is 4%, how...
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The cost of a new automobile is $11,100. 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.
2. You have to pay $14,000 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.
3. You have invested $70,000 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.
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