A loan is negotiated with the lender agreeing to accept $8,000 after one year, $9,000 after two years, and $20,000 after four years in full repayment of the loan. The loan is renegotiated so that the borrower makes a single payment of $37,000 at time T and this results in the same total present value of payments when calculated using an annual effective rate of 5%. Estimate T using the method of equated time. Also find T exactly.