Stu Dent needs to pay tuition of $2,290 for a special cooking class. The tuition is due in three months. He has money set aside but he's afraid that he might spend it. His brother offers to hold his money for him and will even give him simple interest on the money. If Stu's brother is going to give an interest of 5.91%, how much should Stu give his brother so that he has the tuition needed in three months?
Stu Dent needs to pay tuition of $2,290 for a special cooking class. The tuition is due in three months. He has money set aside but he's afraid that he might spend it. His brother offers to hold his money for him and will even give him simple interest on the money. If Stu's brother is going to give an interest of 5.91%, how much should Stu give his brother so that he has the tuition needed in three months?
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 60P: Michiko and Saul are planning to attend the same university next year. The university estimates...
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Transcribed Image Text:Stu Dent needs to pay tuition of $2,290 for a
special cooking class. The tuition is due in
three months. He has money set aside but
he's afraid that he might spend it. His brother
offers to hold his money for him and will
even give him simple interest on the money.
If Stu's brother is going to give an interest of
5.91%, how much should Stu give his brother
so that he has the tuition needed in three
months?
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