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On January 1 , a company agrees to pay $ 2 6 , 0 0 0 in eight years. If the annual interest rate is

On January

1,

a company agrees to pay $

26, 000

in eight years. If the annual interest rate is

3 %,

determine how much

cash the company can borrow with this agreement.

(

PV of $

1,

FV of $

1,

PVA of $

1,

and FVA of $

1) (

Use appropriate

factor

(

)

from the tables provided. Round "Table Factor" to

4

decimal places.

)

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