Revision as of 10:14, 22 November 2023 by Admin (Created page with "'''Solution: B''' First find the amount of the outstanding balance after the 14th payment: <math display = "block"> 450 a_{\overline{15}|0.11} = 3235.89 </math> After the extra 1,400 the balance is: 3235.89 – 1400 = 1835.89. Thus the revised payments would be: <math display = "block"> 1835.89 = x a_{\overline{8}|0.11} \implies x = 356.75 </math> {{cite web |url=https://digitalcommons.calpoly.edu/cgi/viewcontent.cgi?article=1008&context=statsp |last=Hardiek |firs...")
Exercise
ABy Admin
Nov 22'23
Answer
Solution: B
First find the amount of the outstanding balance after the 14th payment:
[[math]]
450 a_{\overline{15}|0.11} = 3235.89
[[/math]]
After the extra 1,400 the balance is: 3235.89 – 1400 = 1835.89. Thus the revised payments would be:
[[math]]
1835.89 = x a_{\overline{8}|0.11} \implies x = 356.75
[[/math]]
Hardiek, Aaron (June 2010). "Study Questions for Actuarial Exam 2/FM". digitalcommons.calpoly.edu. Retrieved November 20, 2023.