3.

Question 3 (5 points) A crafty loan shark sets up a payment plan for a struggling client. The first payment will be $4,000 at the end of the next year. The loan shark will require the payments to increase by 5% per year for a 20-year period (20 total payments). If the loan shark is charging a 8% APR, what is the loan shark loaning to the client today? (Round to the nearest dollar) $57,432 $61,594 $37,984 $52,990 $49,000