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Babyslapmafro

  • one year ago

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.

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  1. anonymous
    • one year ago
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    Ok, I think it means the early-bird has to pay another 9000 by the time the on-time starts paying...

  2. anonymous
    • one year ago
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    Or maybe it just wants you to say 1000.

  3. Babyslapmafro
    • one year ago
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    This is the answer: (b) Equivalent future amount = 9000(1 + 0.10) = $9900 Savings = 10,000 – 9900 = $100

  4. Babyslapmafro
    • one year ago
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    I don't understand it.

  5. anonymous
    • one year ago
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    I'm so sorry I don't know either...:,(

  6. anonymous
    • one year ago
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    bump the question up.

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