Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,500 not due for three years. The interest rate on the note is 7%. (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.) What amount did Canliss borrow? (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) X Answer is not complete. Step 1: Calculate the PV of the Ordinary Annuity Component: Payment: $ 16,500 n = 5 i = 7% Present Value: $ 43,302 X Step 2: Convert the Annuity to a Single Sum: PV from Step 1: n = i = Present Value