Siba borrowed an amount of money from his father to open the Spaza Shop. The loan will be paid back by means of payments of R25 000 each, every second month for six years. An interest rate of 7,5% per year, compounded every two months, will be applicable. The present value of the loan is

[1] R900 000,00.

[2] R1 127 887,64.

[3] R238 067,35.

[4] R400 738,72.

[5] R721 181,68.