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A company must repay the bank a single payment of $34,000 cash in 5 years...

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A company must repay the bank a single payment of $34,000 cash in 5 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value of 1 (single sum) at 8% for 5 years is .6806. The present value of an annuity (series of payments) at 8% for 5 years is 3.9927. The present value of the loan (rounded) is: Multiple Choice $31,499. $135,752 $8,516. O $23,140. O O O $34,000

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