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You know you are receiving $ 4 , 0 0 0 for 5 weeks but need cash today. You decide to borrow money today. Interest

You know you are receiving $4,000 for 5 weeks but need cash today. You decide to borrow
money today. Interest on the loan is compounded on daily and interest is 22.5% per year. You
will pay back the loan at maturity (in 5 weeks) and will make no payments until then. How much
will you be able to borrow today, if you plan to use the $4,000 to pay back the loan and interest?
Hint: Assume a 365 day year.
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