Tuition of

Question

$1762 
will be due when the spring term begins in 
8 
months. What amount should a student deposit today, at 
5.47%, 
to have enough to pay the tuition?

Answer 1

I assume you want this in simple interest.

let the amount needed now be A
A + A(.0547)(8/12) = 1762
A + A(.0364666..) = 1762
A(1.0364666..) = 1762
A = 1762/1.0364666.. = $1700.00