Theresa has just got her first job since finishing her commerce degree at university. She has decided to finance her purchase of a new car by borrowing from a bank. Under the loan agreement, Theresa is required to repay $254 per fortnight, starting in 2 weeks from today. If the repayment period lasts for exactly 6 years from today, how much does Theresa borrow in todays dollars ?. In calculating your answer, assume Theresa pays interest on her borrowing at a rate of 16% p.a. compounded fortnightly and that there are exactly 26 fortnights in a year. (Round your final answer to two decimal places).

a.

25424.54

b.

50895.57

c.

17088.20

d.

29754.74