The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $$200,400$ per year for the next $10$ years and an additional $$2,004,000$ at the end of the ${10}^{th}$ year. The seller of the jet is charging $7$ percent annual interest. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$ HINT: This is ane example of the "new" type of note payable$--$one where the interest is "built in$"$ to the amounts to be paid back.

Note: Use the appropriate factor$($s$)$ from the tables provided.

Required:

Determine the liability that would be recorded by Jenkins.

Note: Round your intermediate calculations and final answer to nearest whole dollar.

Present value