An iPod is purchased on installment basis,such that Rs. 8,000 is to be paid on the signing of the contract and four yearly installments of Rs. 3000 each,payable at the end of the first,second,third and fourth years.If compound interest is charged at 5% per annum,what would be the cash price of the iPod?(Take $(1.05)^{-4}=0.8227).$
