Answer:
The multiple choices are:
$23,020.
$29,000.
$36,547.
$11,253.
$17,640
The last option $17,640 is the correct answer
Step-by-step explanation:
The present value which is also known as present worth is the today's worth of a future value or amount.
In this case ,since $24,000 is to be repaid in 4 years' time ,the task is to determine how much the company receives from the bank today,which is the today's equivalent amount of the loan.
Present value of the loan=future value*present value of a single sum at 8% for 4 years(i.e 0.7350)
present value of the loan=$24,000*0.7350=$17640