Brief Exercise $5-18($Algo$)$ Deferred annuity $[$LO$5-8,5-10]$

A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $$12,000$ not due for three years. The interest rate on the note is $8\%.$

What amount did the company borrow?

Note: Use tables, Excel, or a financial calculator. Round your intermediate and final answers to nearest whole dollar amount. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$