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A company borrowed cash from the bank and signed a 6-year note at 7% annual interest. The present value for an annuity (series of payments)

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A company borrowed cash from the bank and signed a 6-year note at 7% annual interest. The present value for an annuity (series of payments) at 7% for 6 years is 4.7665. The present value of 1 (single sum) at 7% for 6 years is 0.6663. Each annual payment equals $8,400. The present value of the note is: Multiple Choice $40,540.00. $5,596 92. S40,038.60. 526,652.00. S19086000.

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