Financial Math: A loan is to be repaid by semi-annual payments for ten years, where the first payment is made at the end of six months. In the first year, the two payments are $200 each. In subsequent years the payments are level in the course of each year, which increase by 1% over what they were in the previous year (that is, the two payments in the second year are $202 each). Find the amount of the loan if the nominate interest rate is 4% compounded semiannually.

Please show work not using excel.