Your neighbour makes you the following offer. He would like to borrow $24,000 today. He will repay this amount by making 23 annual payments with the first payment being made at the end of this year. If the payments grow by 13.50% each year and the appropriate discount rate is 16.50%, how much will your neighbour pay you at the end of the first year?

Question 17 options:

$1,596

$1,636

$1,676

$1,716

$1,756