A company must repay the bank a single payment of $21,000 cash in 3 years for a loan it entered into. The loan is at 10% interest compounded annually. The present value of 1 (single sum) at 10% for 3 years is .7513. The present value of an annuity (series of payments) at 10% for 3 years is 2.4869. The present value of the loan (rounded) is:

• $15,777.

• $21,000.

• $23,707.

• $8,444.

• $52,225.