Valdez Company borrows $170,000 cash from a bank and in return signs an installment note for five annual payments of equal amount, with theHifst payment due one year after the note is signed. Use Table B.3 in Appendix B to compute the amount of the annual payment for each of the following an¬

nual market rates:

(a) 4%,

(b) 8%, and

(c) 12%.