## Answers

Answer:

Lump sum payment will be **$20,203.**

**Working Note:**

Year | Repayment | Discount rate @ 5% = 1/(1+r)^n | Present Value |

1 | $ 5,000.00 | 0.952 | $ 4,761.90 |

2 | $ 7,500.00 | 0.907 | $ 6,802.72 |

3 | $ 10,000.00 | 0.864 | $ 8,638.38 |

Total | $ 20,203.00 |

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