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On January 1, a company agrees to pay $16,000 in nine years. If the annual interest rate is 2%, determine how much cash the company

On January 1, a company agrees to pay $16,000 in nine 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.

Future Value Table Factor Present Value

16,000 x ? ?

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