On January 1, 2021, a company signs a 20-year note payable for land. Annual payments of $20,000 begin on December 31, 2021. The companys normal borrowing rate is 6%. For what amount would the company record the note on January 1, 2021 (rounded to nearest whole dollar)? Use the tables provided in the instructions to this exam.

Group of answer choices

$315,000.

$400,000.

$124,722

$229,398.