A company borrowed cash from the bank by signing a 4-year, 9% installment note. The present value for an annuity (series of payments) at 9% for 4 years is 3.2397. The present value of 1 (single sum) at 9% for 4 years is 0.7084. Each annual payment equals $76,300. The present value of the note is:
A. $107,707.51.
B. $23,551.56.
C. $70,654.69.
D. $247,189.11.
E. $305,200.00
Answer: D
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