Newship Inc. has borrowed from its bank at a rate of 8 percent and will repay the loan with interest over the next five years. Its scheduled payments, starting at the end of the year are as follows-$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? O $2,431,224 O $2,989,351 $2,815,885 $2,735,200

Newship Inc. has borrowed from its bank at a rate of 8 percent and will repay the loan with interest over the next five years. Its scheduled payments, starting at the end of the year are as follows $450,000,$560,000,$750,000,$875,000, and $1,000,000. What is the present value of these payments? $2,431,224 $2,989,351 $2,815,885 $2,735,200