State University tuition and fees can be paid using one of two plans. Early-bird: Pay total amount
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State University tuition and fees can be paid using one of two plans. Early-bird: Pay total amount due one year in advance and get a 10% discount.
On-time: Pay total amount due when classes start. If the cost of tuition and fees is $20,000 per year,
(a) How much is paid in the early-bird plan, and
(b) at an interest rate of 6% per year, what is the equivalent amount of the savings compared to paying when classes start, that is, 1 year later than the early-bird plan?
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