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A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $14,500 beginning one year from today.

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A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $14,500 beginning one year from today. The interest rate on the note is 8%. What amount did the company borrow? Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of \$1, PV of \$1, FVA of \$1. PVA of \$1, FVAD of \$1 and PVAD of \$11

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