Blossom Company receives a $74,000, 6-year note bearing interest of 4% (paid annually) from a customer at a time when the discount rate is 6%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the present value of the note received by Blossom? (Round answer to 2 decimal places, e.g. 25.25.)

Your answer is incorrect. Blossom Company receives a $74,000, 6-year note bearing interest of 4% (paid annually) from a customer at a time when the discount rate is 6%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the present value of the note received by Blossom? (Round answer to 2 decimal places, e.g. 25.25.) Present value of note received $ eTextbook and Media ILLUSTRATION G.4 Time diagram Another method used to compute the future value of a single amount involves a compound interest table. This table shows the future value of 1 for n periods. Table 1 is such a table. TABLE 1 Future Value of 1 (n) Periods 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% 0 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1 1.05000 1.06000 1.07000 1.08000 1.09000 1.10000 1.11000 1.12000 2 1.14490 1.21000 1.04000 1.08160 1.12486 1.16986 1.21665 1.15000 1.32250 1.52088 3 1.10250 1.15763 1.21551 1.27628 1.12360 1.19102 1.26248 1.33823 1.16640 1.25971 1.36049 1.46933 1.22504 1.31080 1.40255 1.18810 1.29503 1.41158 1.53862 1.23210 1.36763 1.51807 1.68506 1.33100 1.46410 1.61051 4 1.25440 1.40493 1.57352 1.76234 1.74901 5 2.01136 6 1.34010 2.31306 1.87041 2.07616 1.97382 2.21068 7 1.40710 2.66002 8 1.26532 1.31593 1.36857 1.42331 1.48024 1.41852 1.50363 1.59385 1.68948 1.79085 1.47746 1.55133 1.62889 1.50073 1.60578 1.71819 1.83846 1.96715 1.58687 1.71382 1.85093 1.99900 2.15892 1.67710 1.82804 1.99256 2.17189 2.36736 1.77156 1.94872 2.14359 2.35795 2.59374 9 2.30454 2.55803 2.83942 2.47596 2.77308 3.10585 3.05902 3-51788 4.04556 10 11 1.89830 12 2.01220 1.53945 1.60103 1.66507 1.73168 1.80094 13 1.71034 1.79586 1.88565 1.97993 2.07893 2.33164 2.51817 2.71962 2.10485 2.25219 2.40985 2.57853 2.75903 2.13293 2.26090 2.39656 2.58043 2.81267 3.06581 3-34173 3.64248 2.85312 3.13843 3.45227 3.79750 4.17725 3.15176 3.49845 3.88328 4.31044 4.78459 3.47855 3.89598 4.36349 4.88711 5.47357 4.65239 5.35025 6.15279 7.07571 8.13706 14 2.93719 3.17217 15 16 1.87298 2.95216 3.15882 9.35762 10.76126 17 18 1.94790 2.02582 2.10685 2.19112 2.18287 2.29202 2.40662 2.52695 2.65330 2.54035 2.69277 2.85434 3.02560 3.20714 3-42594 3.70002 3.99602 4.31570 4.66096 3.37993 3.61653 3.86968 3.97031 4.32763 4.71712 5.14166 5.60441 4.59497 5.05447 5-55992 6.11591 6.72750 5-31089 5.89509 6.54355 7.26334 8.06231 6.13039 6.86604 7.68997 8.61276 9.64629 19 12.37545 14.23177 16.36654 20 6% 7% 8% 9% 10% 11% 12% 15% 1.00000 1.0000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 TABLE 2 Future Value of an Annuity of 1 (n) Payments 4% 5% 1 1.00000 1.00000 2 2.04000 2.05000 3 3.12160 3.15250 4 4.24646 4.31013 5 5.41632 5-52563 2.06000 2.0700 2.08000 2.10000 2.11000 2.12000 2.09000 3.27810 3.18360 4.37462 5.63709 3.2149 4.4399 5.7507 3.24640 4-50611 5.86660 3-31000 4.64100 6.10510 4-57313 5.98471 3-34210 4.70973 6.22780 2.15000 3.47250 4.99338 6.74238 3-37440 4.77933 6.35285 6 7.91286 8.75374 7 11.06680 8 6.63298 7.89829 9.21423 10.58280 12.00611 6.80191 8.14201 9.54911 11.02656 12.57789 6.97532 8.39384 9.89747 11.49132 13.18079 7.1533 8.6540 10.2598 11.9780 13.8164 7-33592 8.92280 10.63663 12.48756 14.48656 7-52334 9.20044 11.02847 13.02104 15.19293 7-71561 9.48717 11.43589 13-57948 15.93743 9.78327 11.85943 14.16397 16.72201 8.11519 10.08901 12.29969 14.77566 17.54874 9 13.72682 16.78584 20.30372 10 11 19-56143 12 13.48635 15.02581 16.62684 18.29191 20.02359 13 14.20679 15.91713 17.71298 19-59863 21.57856 14.97164 16.86994 18.88214 21.01507 23.27597 15.7836 17.8885 20.1406 22.5505 25.1290 16.64549 18.97713 21.49530 24.21492 27.15211 17-56029 20.14072 22.95339 26.01919 29.36092 18.53117 21.38428 24-52271 27.97498 31.77248 22.71319 26.21164 20.65458 24.13313 28.02911 32.39260 37.27972 24.34928 29.00167 34-35192 40.50471 47-58041 14 30.09492 34-40536 15 16 25.67253 28.21288 35.94973 40.54470 17 21.82453 23.69751 25.64541 27.67123 29.77808 18 23.65749 25.84037 28.13238 30.53900 33.06595 27.8881 30.8402 33.9990 37-3790 40.9955 30.32428 33.75023 37.45024 41.44626 45.76196 30.90565 33.75999 36.78559 33.00340 36.97351 41.30134 46.01846 51.16012 55.71747 65.07509 75.83636 88.21181 39.18995 44-50084 50.39593 56.93949 64.20283 42.75328 48.88367 55.74972 63.43968 72.05244 45-59917 51.15909 57.27500 19 20 102.44358 TABLE 3 Present Value of 1 (n) Periods 6% 8% 9% 10% 11% 12% 15% 5% .95238 1 .90090 2 .81162 4% .96154 .92456 .88900 .85480 .82193 7% .93458 .87344 .81630 .76290 .71299 .94340 .89000 .83962 -79209 .74726 .90703 .86384 .82270 .78353 3 .92593 .85734 .79383 .73503 .68058 .91743 .84168 .77218 .70843 .64993 .89286 -79719 .71178 .90909 .82645 -75132 .68301 .62092 .86957 -75614 .65752 -57175 .49718 -73119 .65873 -59345 4 .63552 -56743 5 6 7 8 -79031 -75992 -73069 -70259 .67556 .74622 .71068 .67684 .64461 .61391 .70496 .66506 .62741 -59190 -55839 .66634 .62275 -58201 -54393 50835 .63017 -58349 -54027 -50025 .46319 -59627 54703 -50187 .46043 .42241 -56447 -51316 .46651 .42410 38554 -53464 .48166 -43393 39092 35218 -50663 .45235 40388 36061 32197 -43233 37594 32690 .28426 .24719 9 10 11 .28748 .25668 12 13 .64958 .62460 .60057 -57748 -55526 -58468 -55684 -53032 -50507 .48102 -52679 .49697 .46884 44230 .41727 .47509 .44401 .41496 38782 36245 .42888 39711 36770 34046 31524 38753 -35554 32618 .29925 .27454 35049 31863 .28966 .26333 .23939 31728 .28584 .25751 .23199 .20900 .22917 .21494 .18691 .16253 .14133 .12289 14 20462 15 .18270 16 .16312 .10687 17 -53391 51337 .49363 .47464 .45639 .45811 -43630 .41552 39365 37136 35034 33051 31180 18 33873 31657 .29586 .27615 25842 .29189 .27027 .25025 .23171 .21455 25187 .23107 .21199 .19449 .17843 .21763 .19785 .17986 .16351 .14864 .18829 .16963 .15282 .13768 .12403 .14564 .13004 .09293 .08081 19 .11611 39573 37689 .07027 .06110 20 .10367 6% 8% 9% 10% 11% 12% TABLE 4 Present Value of an Annuity of 1 (n) Payments 4% 5% 1 .96154 .95238 1.88609 1.85941 3 2.77509 2.72325 4 3.62990 3-54595 5 4.45182 4.32948 7% .93458 1.80802 .90090 1.71252 2 .94340 1.83339 2.67301 3.46511 4.21236 .92593 1.78326 2.57710 3.31213 3.99271 2.62432 338721 4.10020 .91743 1.75911 2.53130 3.23972 3.88965 .90909 1.73554 2.48685 3.16986 3.79079 15% .86957 1.62571 2.28323 2.85498 3.35216 .89286 1.69005 2.40183 3.03735 3.60478 2.44371 3.10245 3.69590 6 4.11141 7 8 5.24214 6.00205 6.73274 7.43533 8.11090 5.07569 5.78637 6.46321 7.10782 7.72173 4.91732 5-58238 6.20979 6.80169 7-36009 4.76654 5-38929 5.97130 6.51523 7.02358 4.62288 5.20637 5.74664 6.24689 6.71008 4.48592 5.03295 5-53482 5.99525 6.41766 4.35526 4.86842 5.33493 5.75902 6.14457 4.23054 4.71220 5.14612 5.53705 5.88923 4.56376 4.96764 5.32825 5.65022 3.78448 4.16042 4:48732 4.77158 5.01877 9 10 11 8.76048 12 9.38507 9.98565 10.56312 11.11839 13 8.30641 8.86325 9.39357 9.89864 10.37966 7.88687 8.38384 8.85268 9.29498 9.71225 7.49867 7.94269 8.35765 8.74547 9.10791 7.13896 7-53608 7.90378 8.24424 8.55948 6.80519 7.16073 7.48690 7.78615 8.06069 6.49506 6.81369 7.10336 7-36669 7.60608 6.20652 6.49236 6.74987 6.98187 7.19087 5.93770 6.19437 6.42355 6.62817 5.23371 5.42062 5-58315 5.72448 5.84737 14 15 6.81086 16 17 18 11.65230 12.16567 12.65930 13.13394 13-59033 10.83777 11.27407 11.68959 12.08532 12.46221 10.10590 10.47726 10.82760 11.15812 11.46992 9.44665 9.76322 10.05909 10.33560 10.59401 8.85137 9.12164 9.37189 9.60360 9.81815 8.31256 8.54363 8.75563 8.95012 9.12855 7.82371 8.02155 8.20141 8.36492 8.51356 7.37916 7-54879 7.70162 7.83929 7.96333 6.97399 7.11963 7.24967 7-36578 7.46944 5.95424 6.04716 6.12797 6.19823 6.25933 19 20