Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $14,500 not due for three years. The interest rate on the note is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

1. Caculate the PV of the ordinary annuity component

What amount did Canliss borrow?

2. Convert the annuity to a single sum