The government lent $$80,000$ to Tamarisk Industries, who signed a $5-$year, zero$-$interest note dated January $1,2024$ to help finance

the construction of a building. The market rate of interest is $7\%$ and the effective interest method of amortization is used. The loan will

be forgiven if Tamarisk provides employment for a specified number of individuals for a specified period of time. If these conditions are

not met, the amount is due to the government in full in five years. Tamarisk believes it will be able to meet the conditions.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ORDINARY ANNUITY OF $1.$

$($a$)$

Your answer is incorrect.

Using $1.$ factor Tables $2.$ a financial calculator, or $3.$ Excel function PV$,$ calcuate the amount of the note payable by Tamarisk, who

follows IFRS. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal

places e$.$g$.58,971.$

Note Payable $