Liverpool plc is a growing company which wishes to take out a loan of 300,000 from a local bank. It would like to repay the loan in 10 increasing annual instalments, each one paid at the end of the year. The bank charges an interest rate of 8%. As it is a growing company, it would like its payments to increase at a rate of 3% every year. How much would Liverpool plc need to pay to the bank at the end of the first year?