Tuition of $3400 is due when the spring term begins, in 4 months. What amount should a student deposit today, at 12%, to have enough to pay tuition

 The student should deposit= $3,272.40

Explanation:

The formula we need to use is  

FV = P ( 1 + rt )

where:

F V  = the future value.

P = the principal amount.  

r= the rate of interest.  = `12%= 0.12

t= time in years. = 4/12= 1/3 =O.3333

FV = P ( 1 + rt )  

$3,400 = P (1 + 0.12 X 0.3333)

$3,400 = P (1 + 0.039)

$3,400 = P (1.039)

P= 3400 /1.039= $3,272.40

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