Question: ABC Corp. signed a notes payable with DEF Inc. on June 1 , 2 0 2 1 . The note provides that ABC Corp. must

ABC Corp. signed a notes payable with DEF Inc. on June 1,2021. The note provides that ABC Corp. must pay principal plus all accrued interest at 8% compounded annually in the amount of $850,000 on June 1,2024. Assuming ABC Corp. has not made any payment on the note prior to the due date, how much did ABC Corp. borrow from DEF Inc. on June 1,2021? Use the present value equation to answer the question and round the answer to the nearest dollar.
A. $646,000
B. $674,603
C. $650,000
D. $516,452
E. $674,757

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