Question

Tuition of $

2700
is due when the spring term begins, in
9
months.
What amount should a student deposit today,
at
11
%,
to have enough to pay tuition?

Answer 1

so hmmm bear in mind that, 9months from 12 months in a year, is 9/12 years, or 3/4


`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &\$2700\\ P=\textit{original amount deposited}\\ r=rate\to 11\%\to (11)/(100)\to &0.11\\ t=years\to (9)/(12)\to &(3)/(4) \end{cases} \\\\\\ 2700=P\left(1+0.11\cdot (3)/(4) \right)`

solve for P