You borrowed $$21,061,82$ to finance the educational expenses for your junior year of college.The loan will be paid off over $5$ years. The loan carries an interest rate of $6\%$ per year and is tobe repaid in equal annual instalments over the next five years. Assume that the money wasborrowed at the beginning of the junior year and that the first installment will be due a yearlater. Compute the amount of the annual instalments. Draw a cash flow diagram and use theappropriate factor to answer the question.