Davis Corporation signed a notes payable with Town Park Bank on June 1, 2020. The note provides that Davis Corporation must pay principal plus all accrued interest at 8% compounded annually in the amount of $850,000 on June 1. 2024. Assuming Davis Corporation has not made any payment on the note prior to the due date, how much did Davis Corporation borrow from Town Park Bank on June 1, 2020? Use the present value equation to answer the question and round the answer to the nearest dollar. $650,000 $494,000 5615.429 O $1.156.417 $624.775