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What is the amount of the original loan

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Reference no: EM132120982

A bank makes a loan on 01/01/2010 with the following payments:

06/30/2010 - $2,300,000

12/31/2010 - $1,300,000

06/30/2011 - $5,700,000

12/31/2011 - $3,400,000

06/30/2012 - $360,000

12/31/2012 - $560,000

At an annual rate of return of 3.80%, what is the amount of the original loan (present value)?

Reference no: EM132120982

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