On Oct. 20, 2021, ABC Motor Inc. has secured a loan in the amount of $50,000,000. for a new battery production facility outside Windsor. The bank is charging ABC Motor 12% annual interest rate, but compounded daily. ABC Motor has agreed to pay the loan back with 130 bi-weekly (14 days) payments over a 5 years term. Today is Oct. 21, 2023 and ABC Motor just made its 52nd bi-weekly payment yesterday. Due to a merger proposal, ABC Motor has decided to transfer this facility to another parent company. The manager wants to know what is the balance of the loan as of this morning and you are asked to provide the answer. The balance of the loan is the present value of the loan minus the present value of all the 52 bi-weekly payments made in the past 2 years. (Note: As the daily interest rate is very small, you should use at least 6 decimal numbers in your calculation!) $34,051,292.2$33,493,222.0$33,486,035.1$32,922,160.8$31,951,292.3