Your neighbour makes you the following offer. He would like to borrow $20,000 today. He will repay this amount by making 19 annual payments with the first payment being made at the end of this year. If the payments grow by 11.50% each year and the appropriate discount rate is 14.50%, how much will your neighbour pay you at the end of the first year?

$1,439

$1,477

$1,515

$1,553

$1,591