Problem 26 (20 points) John wishes to borrow 20,000. Lender X and Y offer the following terms: (1) Lender X will be repaid with 15 equal annual payments made at the end of (2) Lader Y charges a eiectiv aneret rate of i with Jolin accumz- each year at 5% interest effective annually. lating the amount necessary to repay the loan by means of fifteen annual deposits at the end of each year into a sinking fund earning 4% interest effective annually. (3) The total payment (principal and interest) is the same for lender X as for lender Y. Calculate