Adam Baum Company borrowed $56,000 from B. A. Ware on January 1, 2024, and signed a three-year, 4% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 4% is 2.77509. Required: Calculate the amount of one installment payment. Note: Round your final answer to the nearest whole dollar