Canliss Mining Company borrowed money from a local bank. The
note the company signed requires five annual installment payments
of $20,000 beginning one year from today. The interest rate on the
note is 9%.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1
and PVAD of $1) (Use appropriate factor(s) from the tables
provided.)
What amount did Canliss borrow? (Round your final answers
to nearest whole dollar amount.)

We can use the present value of annuity formula to know the amount did Canliss borrow 
The formula is as under, 
PV of annuity = P *{[ 1  (1+r)^n ] / r} 
PV of annuity = borrowing amount = ? 
P = annual installment = $20,000 
r = annual interest rate on note = 9% 
n = no.of years = 5 
PV of annuity = 20,000 *{[ 1  (1+0.09)^5 ] / 0.09} 
PV of annuity = 20,000 * 3.88965 
PV of annuity = $77,793 
Amount borrowed by Canliss = $77,793 or $77,800(approx) 
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