I don't think I have the study manual you are referring to, but believe that you are looking for the interest rate whereby payments of $140 for 10 periods (say years) will accumulate to $2,341.08. This can be solved with the SOA calculator. After first making sure your calculator is in Financial mode (by hitting [2nd] [N], punch in the following:
[PMT]=140
[N]=10
[FV]= -2341.08 (notice this is a negative #)
Now hit CPT [%i] and let the calculator think for a minute. Eventually it should return the answer 10.9999 or 11% interest.
Hope that helps.
Rob
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2 Message:0002 2
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From: "Serebryakova, Nina" <nserebry@calfarm.com>
To: "'studygroup4a@lists.casact.org'" <studygroup4a@lists.casact.org>
Subject: Problem b5 from Study Manual
I have problem solving polynomial of the 10th degree for problem b5 page
97 of study manual.
2341.08 = 140s10=140*[(1+i)^10-1]/i . Solve for i. The only solution I
found was wild guess or linear interpolation. Do they really expect us
to do something like this on the exam???