On January $1,$ a company agrees to pay $$12,000$ in eight years. If the annual interest rate is $2\%,$ determine how much cash the

company can borrow with this agreement. $($PV of $$1,$ FV of $$1,$ PVA of $$1,$ and FVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round "Table Factor" to $4$ decimal places.