Images Not Shown
Present value P = $200
Rate of quarterly compound interest r = 2.2% = 0.022
SoXX = P(1 + r)X= $XXX(1+0.022)XX= $XXX(1.XXX)XX = $XXX(X.722949) =$344.59
XXXX = X(1 + r)T= $XXX(1+0.022)42= $200(1.XXX)XX = $200(2.XXXXXX) =$498.XX
SoFV= X(1 + r)X= $XXX(1+X.022)XX= $200(X.022)XX = $200(X.XXXXXX) =$580.XX
X.)XXX XXXXXX XXX a XXXXXX union member XXX XXXX a cheque XXX $2929.XX in full XXXXXXXXXX of XXX member's loan XXXXXXX including XXXXXX XXXXXXXX XX7 ⅓% for 2 XXXXXX. XXX much of XXX XXXXXXX XX XXXXXXXX?
Here, Future Value XX = $2929.XX
XXXX of XXXXXX XXXXXXXX R =7 X% = X.XXXXXX % = 0.073333
Time period T = X XXXXXX = X/12 years = 0.XXXXXX XXXXX
Principal amount = X
XXXXXXXX XXXXXX = ?
FV = P(1 + XX)
P = XX / ( 1 + XX) = $XXXX.XX / ( X + 0.073333*X.XXXXXX) = $XXXX.68 / ( X.012222) = $XXXX.31
Thus XXXXXXXX I = XX – P = $XXXX.68 - $XXXX.XX =$ 35.XX
X X%
Round XXXXX XXXXXXX XX XXXXXXX cent XX needed