a health club currently charges $150 for a one year membership. this club has decided to raise its one year membership charge to $200.

the owner of the club want to offer a 5 year membership contract to current members. if a member signs this 5 year contract, he or she can continue to pay the $150 per year to use the club facilities. the owner also wants to offer members the option of paying for all 5 years when the contract is signed. what should the club charge if the customer chooses to purchase the 5 year membership with one payment? assume the interest rates are 7%.