Babyslapmafro
  • Babyslapmafro
Please help. University tuition and fees can be paid by using one of two plans. Early-bird: Pay total amount due 1 year in advance and get a 10% discount. On-time: Pay total amount due when classes start. The cost of tuition and fees is $10,000 per year. (a.) How much is paid in the early-bird plan? Answer: $9000 (b.) What is the equivalent amount of the savings compared to the on-time payment at the time that the on-time payment is made? Answer: ??? Please help with part (b.), thanks.
Mathematics
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
Ok, I think it means the early-bird has to pay another 9000 by the time the on-time starts paying...
anonymous
  • anonymous
Or maybe it just wants you to say 1000.
Babyslapmafro
  • Babyslapmafro
This is the answer: (b) Equivalent future amount = 9000(1 + 0.10) = $9900 Savings = 10,000 – 9900 = $100

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Babyslapmafro
  • Babyslapmafro
I don't understand it.
anonymous
  • anonymous
I'm so sorry I don't know either...:,(
anonymous
  • anonymous
bump the question up.

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