To get your MBA, you must take 20 courses. You can take 8 courses per year (2 co

Question

To get your MBA, you must take 20 courses. You can take 8 courses per year (2 courses per quarter including a summer semester). A course costs $3,500. Your company offers tuition reimbursement for 2 courses per term. Your company deposits $7,000 in an account that offers 7% interest compounded monthly. You must pay the tuition 1 month after your company deposits the money (the money can sit in the account earning interest for a maximum of 1 month). At the end of your degree (all 20 courses, taking a maximum of 2.5 years to complete), how much money will be in this account?

Explanation / Answer

there are total 10 quarters and per quarter $ 7000 gets credited in accounted and stay for a month @7%.

Getting $7000 per quarter for 10 quarters the total onterest will be = $900.

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