An investor raises £100m in order to buy a football club. The terms of the repayment schedule specify that the loan must be paid in 12 six monthly instalments, the first falling due six months from now, with each instalment being 20% larger than the first. Thus the scond payment is 1.2 times the first and the third is 1.2 times the second ect. Interest is charged bi-annually at rate r2.

If Y is the value of the first payment, show that, (see formula below)

Any help on this would be greatly appreciated