Cullumber Inc. decided to purchase equipment from Central Ontario Industries on January 2, 2020, to expand its production capacity to meet customers' demand for its product. Cullumber issued a $857,000, 4-year, non-interest-bearing note to Central Ontario for the new equipment when the prevailing market interest rate for obligations of this nature was 11%. The company will pay off the note in 4 $214,250 instalments due at the end of each year of the note's life.(The tables in this problem are to be used as a reference for this problem.)