A loan of $50,000 is to be repaid by two equal repayments of X. One repayment is due at the end of 2 years, the second repayment is due at the end of 6 years. The interest rate is at 4% p.a. compounded quarterly for the first 3 years and then 4.4% p.a. compounded quarterly thereafter. What is the size of each repayment?

Select one:

a. $29,796.41

b. $29,221.74

c. $30,001.78

d. $29,381.48