A $$20,000$ bank loan is to be repaid by $20$ annual installments of $$1000$ payable on the

first day of each year beginning one year hence. $($This means the first $$1000$ payment

starts in the beginning of the second vear$).$

In addition, interest at $3\%$ is payable on the last day of each year on the principal out$-$

standing at the beginning of the year. $($This means the first interest payment in the

beginning of the second year is $3\%*20000=600.)$ At time of issue, the bank establishes

a present value L for the loan, such that the yield rate is $5\%$ annually.

Find L$.$