Answer:
$2,760.23
Explanation:
As X and Y is the mortgage value, and we need to calculate it by using following formula
FV = PV x ( 1 + r )^n
PV = FV / ( 1 + r )^n
First we will calculate the X
Where FV =Future Value = 2,000
r = Annual effect interest rate = 6%
n = numbers of periods = 1 Year
By Placing values in the formula
PV = $2,000 / ( 1 + 6% )^1
PV = $1,886.79
Now we will Calculate the Y
Where FV =Future Value = 1,000
r = Annual effect interest rate = 7%
n = numbers of periods = 2 Year
By Placing values in the formula
PV = $1,000 / ( 1 + 7% )^2
PV = $873.44
As we need to calculate
X + Y = ?
So,
X + Y = $1,886.79 + $873.44 = $2,760.23
