Greenbelt Co-op Supermarket and Pharmacy’s Rays on the Roof campaign to install a solar roof on the iconic store has hit its stride, topping its initial goal of $400,000. The pledges (which still have to turn into money in the bank – expect news on this soon) are approximately 19 percent in donations and the remainder in pledged investments that are repaid, with interest, on terms of 4 or 7 years at 3 percent interest, or 10 years at 3.25 percent.
Math Facts
Bill Jones, resident mathematician and numerical alchemist, devised the underlying algorithm for the repayment scheme. It works best if the amount invested in each period is balanced because this, one is reliably informed by Jones, will be optimal for repayments. In the limit, as Jones so blithely remarks (sending shudders down the spine of Calculus 1 survivors), this method of repayment approaches (another loaded math word) the outcome of the ordinary amortization tables so well-known to those unfortunately familiar with mortgages. But the point here is that the current balance between terms could do with a little more in the seven-year pot, so new investors are encouraged to select the 7- or 10-year options.
Keep On Truckin’
Having gained the lofty heights of $400,000, why is the campaign not slowing down? In a word, the Co-op is still confronted with an element of uncertainty. At this stage no one knows what the bond bill results will be. Co-op representatives have made the presentation to the legislature and the results will appear in due course – perhaps mid to late April. $350k has been requested – but the result could be anything between that and zero. The outcome depends not only on the strength of the Co-op’s case – but on the range and appeal of the competition’s gambits. The Co-op is confident that it has made an excellent case but there are no guarantees.
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