does anyone know why at time 2thanks

A company takes out a loan of 15,000,000 at an annual effective discount rate of 5.5%. You are given: i) The loan is to be repaid with n annual payments of 1,200,000 plus a drop payment one year after the nth payment. i The first payment is due three years after the loan is taken out. Calculate the amount of the drop payment. OA) 79,100 OB) 176,000 C) 321,300 D) 959,500 OE) 1,180,300 Incorrect: Solution: D The effective annual interest rate is i = (1 - d)--1= (1 - 0.055)--1= 5.82% The balance on the loan at time 2 is 15, 000, 000(1,0582)2 = 16,796, 809. The number of payments is given by 1, 200, 000a final equation of value is 16,796, 80%which gives n 29.795=> 29 payments of 1,200,000. The ,200, 000a X1.0582)-30= 16, 796, 809 29 959,490 (16, 796, 809 16, 621, 012)(5.45799) X