You have a loan outstanding. It requires making

4

annual payments at the end of the next

4

years of

$9,000

each. Your bank has offered to allow you to skip making the next

3

payments in lieu of making one large payment at the end of the loan's term in

4

years. If the interest rate on the loan is

3.78%,

what final payment will the bank require you to make so that it is indifferent between the two forms of payment?

The present value of the cash flows is

$nothing.

(Round to the nearest dollar.)