Loan payments of $1,600 due one year ago and$3,250 due in two years are to be replaced by two payments.The first replacement payment of $X is due in one year and the second replacement payment of $2,900 is due in four years.Determine the size of the first replacement payment $X if interest is 3.4% p.a. compounded quarterly and the focal date is one year from now (Year 1).Answer the following questions

1)If the focal date is one year from now, whichTVM variable does the payment $3,250 represent?

2)If the focal date is one year from now, which TVM variable does the payment $1,600 represent?

3)If you need to use the formula approach to find the focal date value manually, what value of "n" should you apply to the first loan payment of $1,600?

4)Whatperiodic interest ratedo you use if you need to solve this question manually using the formula approach?

5)Before solving for the unknown $X, you need to determine the compounding factors for each of the payments. (Answer Yes or No)jQuery224009958592573710456_1597427376007?

6)Your answer for $X at the focal date is ______