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?
(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?
Please help with part (b.), thanks.
Stacey Warren - Expert brainly.com
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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...
Or maybe it just wants you to say 1000.
This is the answer:
(b) Equivalent future amount = 9000(1 + 0.10) = $9900
Savings = 10,000 – 9900 = $100