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A student has a savings account earning 9% simple interest. She must pay $1500 for first-semester tuition by September 1 and $1500 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 $1500 between September 1 and January 1?

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tutorAnne

Answer:   $2956.31  in total by september 1st

Explanation:

Using the formula A = P ( 1 + rt )

our given  Data:

Rate of simple interest = 9%

r = 0.03/12 per month

P= Money in the bank by Sep 1 and A= $1500

FOR t=4 means that there are four months between 1st September and 1st January

So, in order to have the remainder of summer earnings grow to $1500 between September 1 and January 1,

we have that  A = P ( 1 + rt )

1500 = P [1 +  .09(4/12)]

1500 = P (1 + .03) 1500 / 1.03 =

P= $1456.31  

This implies  that she  needs to earn 1500 + 1456.31 = $2956.31 during summer to ensure that t she will have enough money to pay first semester on time in september  and still have remainder of her earnings to grow by January 1st.

The earning in the summer should be  $2956.31  

  • The calculation is as follows:

we have that  A = P ( 1 + rt )

1500 = P [1 +  .09(4/12)]

1500 = P (1 + .03) 1500 / 1.03

= $1456.31  

Now earning should be

= 1500 + 1456.31

= $2956.31

Learn more: https://brainly.com/question/2386757?referrer=searchResults

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