A company borrowed cash from the bank by signing a 3-year, 6% installment note. The present value of an annuity factor at 6% for 3 years is 2.6730. The present value of a single sum at 6% for 3 years is .8396. Each annual payment equals $76,100. The present value of the note is:

Multiple Choice

$85,409.65.

$28,469.88.

$228,300.00

$203,415.30.

$90,638.40.