Chuck Ponzi has talked an elderly woman into loaning him

$45,000

for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the

$45,000

with an annual interest rate of

10%

over the next

5

years. Determine the cash flow to the woman under a discount loan, in which Ponzi will have a lump-sum payment at the end of the contract.

What is the amount of payment that the woman will receive at the end of years 1 through

4?