A parcel of land, value $250,000 is sold to an investor who signs a contract agreeing to pay a deposit of $25,000 followed by equal quarterly payments for as long as necessary, with the first repayment being 2 years from the sale date and the final smaller repayment being one quarter after the last full payment. Interest on the outstanding money is charged at 12%pa compounded quarterly from the purchase date and the payment size is $15,000.

Exactly 3 years after the contract was signed, the purchaser [i.e. the investor] is up to date with the payments and the vendor sells the contract to a third party who wishes to earn 16%pa compounded quarterly on the investment. Determine the price paid.