An amount of $ 50,000 was borrowed at an interest of 10% per year and was to be repaid over a 5-year period with annual payments such that the third payment is $ 2,000 greater than the first two. The fourth payment is $ 1,000 greater than the third payment and the fifth payment is $ 1,000 greater than the fourth payment. Determine the size of the first payment. Note: Do not round in between solution. Final answer round in two decimal places.