A $30,000 bank loan is to be repaid by 30 annual installments of $1,000 payable on the first day of each year beginning one year hence. In addition, interest at 4% is payable on the last day of each year on the principal outstanding at the beginning of the year. At time of issue, the bank establishes a value L for the loan, such that the yield rate is 5% annually. Find L.

Problem 11: A $30,000 bank loan is to be repaid by 30 annual installments of $1,000 payable on the first day of each year beginning one year hence. In addition, interest at 4% is payable on the last day of each year on the principal out- standing at the beginning of the year. At time of issue, the bank establishes a value L for the loan, such that the yield rate is 5% annually. Find L Problem 11: A $30,000 bank loan is to be repaid by 30 annual installments of $1,000 payable on the first day of each year beginning one year hence. In addition, interest at 4% is payable on the last day of each year on the principal out- standing at the beginning of the year. At time of issue, the bank establishes a value L for the loan, such that the yield rate is 5% annually. Find L