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Rajus Bread Shop has taken a loan from Bred Bank at an interest rate of 8% p.a. The loan is to be fully repaid by

Rajus Bread Shop has taken a loan from Bred Bank at an interest rate of 8% p.a. The loan is to be fully repaid by way of 4 annual installments with the first installment of $10,000 starting from end of 3rd year onwards. In addition, each subsequent installment will be increased by $5,000 each year over the previous year. Calculate the amount of loan taken.

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