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What the present value of the note

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Question - A company borrowed cash from the bank by signing a 5-year, 9% installment note. The present value for an annuity (series of payments) at 9% for 5 years is 3.8897. The present value of 1 (single sum) at 9% for 5 years is .6499. Each annual payment equals $75,700. What the present value of the note?

a. $58,384.97.

b. $19,461.66.

c. $378,500.00

d. $294,450.29.

e. $116,479.46.

Reference no: EM133035336

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