Question: Use 4 decimal places in between process and 2 decimal for the final answer. Please show the cash flow diagram 3. An amount of 50,000

Use 4 decimal places in between process and 2 decimal for the final answer. Please show the cash flow diagram

3. An amount of 50,000 was borrowed at an interest rate of 10% per year and was to be repaid over a 5-year period with annual payments such that the third payment is P2,000 greater than the first two. The fourth payment is 1,000 greater than the third payment and the fifth payment is 1,000 greater than the fourth payment. Determine the size of the first payment. DRAW THE CASH FLOW DIAGRAM

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