Suppose that a customer takes out an amortized loan of size L which has an annual effective interest rate of 8%. The loan has a term of 10 years with ten equal size annual payments of size K made at the end of each year starting one year after the loan is issued. If the loan was instead repaid (over the same period of time) using the sinking-fund method where the sinking-fund gains an annual effective interest rate of 6%, then the total annual outlay (interest payment on the loan plus deposit into the sinking fund) would be 1200 . Find the value of K. Give your answer rounded to two decimal places (i.e. X.XX)