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 $75,300. The present value of the note is:

• $58,076.46.

• $19,358.82.

• $376,500.00

• $292,894.41.

• $115,863.98.