A company must repay the bank a single payment of $29,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value factor for 3 years at 8% is .7938. The present value of an annuity factor for 3 years at 8% is 2.5771. The present value of the loan (rounded) is:

Multiple Choice

$23,020.

$29,000.

$36,547.

$11,253.

$74,736.