A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value for an annuity (series of payments) at 8% for 5 years is 3.9927. The present value of 1 (single sum) at 8% for 5 years is .6806. Each annual payment equals $75,000. The present value of the note is:
A. $110,196.89.
B. $375,000.00.
C. $299,452.50.
D. $56,352.84.
E. $18,784.28.
Answer: C
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