Please answer! Worth 13 points
1 answer:
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Answer:
$3781.19
Step-by-step explanation:
Let us assume that the student has to earn $(1900 + x) by September 1 so that he can pay the $1900 tuition fee by September 1 and the remaining $x will grow at 3% simple interest to make him able to pay another tuition fee of $1900 by January 1.
So, we can write
{Because September 1 to January 1 is 4 months and the monthly simple interest rate is %}
⇒ 1.01x = 1900
⇒ x = $1881.19 (Rounded to the nearest cents)
Therefore, the student has to earn $(1900 + 1881.19) = $3781.19 (Answer)