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What amount can be borrowed at 19.14% p.a., if it is to be repaid by regular yearly payments, the first payment being R4000 (payable at

What amount can be borrowed at 19.14% p.a., if it is to be repaid by regular yearly payments, the first payment being R4000 (payable at the end of the first year) and the subsequent payments decreasing by R400 per year until a final payment of R400 is made? (Give your answer rounded to 2 decimal places. If you think the answer is R1012.3456, type in 1012.35)

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