# Question: you have received 100 from your parents to spend but...

###### Question details

You have received $100 from your parents to spend, but they want you to spend equal amounts of it (labeled X) at the start of the next month (time period or t1) and at the start of the second month (t2). How much money can you spend each time (X)? Assume a monthly interest rate of 10%. HINT:- Use the compound interest formulae to spell out the relation between X occurring at t1 and t2 and some P1 and some P2 at time 0 respectively. then add P1 + P2 = P = $100 and solve for X