Tuition of $2021 will be due when the spring term begins in 4 months. what amount should a student deposit today, at 3.143%, to have enough to pay the tuition?

$2000

Step-by-step explanation:

We have been given that tuition of $2021 will be due when the spring term begins in 4 months. We are asked to find the amount that a student should deposit today, at 3.143%, to have enough to pay the tuition.

We will use compound interest formula to solve our given formula.

, where,

A = Final amount,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year.

t = Time in years.

Let us convert given interest rate in decimal form.

4 months will be equal to 1/3 year.

Substitute given values:

Therefore, the student should deposit $2000 today to have enough to pay the tuition.

right

step-by-step explanation:

(x) - (y) = (1 + 4i)