Tuition of $1478 will be due when the spring term begins in 9 months. What amount should a student deposit today, at 7.42%, to have enough to pay the tuition? The student should deposit $ (Simplify your answer. Round to the nearest dollar as needed.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Tuition of $1478 will be due when the spring term begins in 9 months. What amount should a student deposit today,
at 7.42%, to have enough to pay the tuition?
The student should deposit $
(Simplify your answer. Round to the nearest dollar as needed.)
Transcribed Image Text:Tuition of $1478 will be due when the spring term begins in 9 months. What amount should a student deposit today, at 7.42%, to have enough to pay the tuition? The student should deposit $ (Simplify your answer. Round to the nearest dollar as needed.)
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