Question

a student has a savings account earning 3% simple interest. she must pay $1100 for first-semester tuition by september 1 and $1100 for second-semester tuition by january 1. how much must she earn in the summer (by september 1) to pay the first-semester bill on time and still have the remainder of her summer earnings grow to $1100 between september 1 and january 1? (round your answer to the nearest cent.)

Answer 1

The student earn between September 1 and January 1 is $1,089.10891

What is the saving accounts?

An account in a retail bank is a savings account. The Common characteristics include having a finite amount of withdrawals allowed, not having check or connected debit card capabilities, having few transfer choices, and not being able to become overdrawn.

Computation of student's earning:

Assume the student must make $(1,100 + x) by September 1 in order to pay the $1,100 tuition cost by that date. The remaining $ x will then grow at a simple interest rate of 3%, enabling the student to pay another $1,100 in tuition by January 1.

Therefore, this can be written as:

x(1+4×3/12×100) = $1,100

(Since there are 4 months between September 1 and January 1 and the monthly simple interest rate is %)

1.01x = $1,100

x = $1,089.10891

Therefore, the student earn $1,089.

Learn more about the saving accounts, refer to:

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