3)

c) Dion borrows $45,000 today at the interest rate of 4% p.a. effective. He promises to make 5 yearly repayments of $10,000 starting in one year. To pay off the loan, he has decided to make an additional repayment of $X at the end of year 5. Calculate the additional payment $X he needs to make at the end of year 5. (Round your answer to the nearest cent.) (3 marks)