The Sanchez Company purchased a delivery truck on February $1,2024.$ The purchase agreement required Sanchez to pay the total amount due of $\backslash (\backslash$$ $15,000\backslash )$ on February $1,2025.$ Assuming an $\backslash (8\backslash \%\backslash )$ rate of interest, the calculation of the price of the truck would involve multiplying $\backslash (\backslash$$ $15,000\backslash )$ by the:

Multiple Choice

future value of an ordinary annuity of $\backslash (\backslash$$ $1\backslash ).$

future value of $\backslash (\backslash$$ $1\backslash ).$

present value of $\backslash (\backslash$$ $1\backslash ).$

present value of an ordinary annuity of $\backslash (\backslash$$ $1\backslash ).$