A 35-year loan is to be repaid by half-yearly repayments of1,000 starting in 6 months at an interest rate of 9.0% p.a.compounded half yearly. Or, it can be repaid by year-end repaymentsof $X staring in one year. Calculate the yearly repayments $X.Correct your answer to the nearest cent without any units. (Do notuse "$" or "," in your answer. e.g. 12345.67)?
