Blossom Company issues a 12%, 4-year mortgage note on January 1, 2017, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $ 47,700. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.)

Blossom Company should receive

$

Table 4Present Value of an Annuity of 1 4'% 5% 6% 7% 8% 10% 11% 12% 15% Payment:s 95238 93458 .92593 .91743.90909 .90090.89286.86957 1.886091.85941 .833391.80802 1.78326 1.759111.735541.71252 1.69005 1.62571 2.77509 2.72325 2.67301 2.62432 2.57710 2.53130 2.48685 2.443712.40183 2.28323 3.62990 3.54595 3.46511 3.38721 3.31213 3.239723.16986 3.10245 3.03735 2.85498 4.45182 4.32948 4.21236 4.10020 3.99271 3.889653.79079 3.69590 3.60478 3.35216 5.242145.075694.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.78448 6.002055.786375.582385.38929 5.20637 5.03295 4.86842 4.71220 4.56376 4.16042 6.73274 6.463216.20979 5.97130 5.74664 5.534825.33493 5.14612 4.96764 4.48732 7.43533 7.10782 6.801696.51523 6.24689 5.995255.75902 5.53705 5.32825 4.77158 8.11090 7.72173 7.36009 7.02358 6.71008 6.41766 6.144575.88923 5.65022 5.01877 8.76048 8.306417.886877.49867 7.13896 6.805196.49506 6.20652 5.93770 5.23371 9.385078.863258.383847.94269 7.53608 7.16073 6.81369 6.49236 6.19437 5.42062 9.985659.393578.85268 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 5.58315 10.56312 9.898649.294988.745478.24424 7.78615 7.36669 6.98187 6.62817 5.72448 11.11839 10.37966 9.71225 9.10791 8.55948 8.06069 7.60608 7.19087 6.810865.84737 11.65230 10.83777 10.10590 9.44665 8.85137 8.31256 7.823717.37916 6.97399 5.95424 12.16567 11.27407 10.47726 9.76322 9.12164 8.54363 8.02155 7.548797.119636.04716 12.65930 11.6895910.82760 10.05909 9.371898.75563 8.20141 7.70162 7.24967 6.12797 13.1339412.0853211.15812 10.33560 9.60360 8.95012 8.36492 7.83929 7.36578 6.19823 13.59033 12.46221 11.46992 10.59401 9.81815 9.128558.51356 7.96333 7.469446.25933 96154 94340 10 12 13 14 15 17 18 19 20