a. The cost of a new automobile is $ 10,000. If the interest rate is 5%, how much would you have to set aside now to provide this sum in five years?
b. You have to pay $12,000 a year in school fees at the end of each of the next six years. If the interest rate is 8%, how much do you need to set aside today to cover these bills?
c. You have invested $60,476 at 8%. After paying the above school fees, how much would remain at the end of the six years?
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