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Make all parts clear please Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of
Make all parts clear please
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 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.) Step 1: Calculate the PV of the Ordinary Annuity Component: Payment n = Present Value: Step 2: Convert the Annuity to a Single Sum: Payment n = Present ValueStep by Step Solution
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