On January

$1$

$,$

$2$

$0$

$2$

$5$

$,$

$$Patricia William signed an agreement, covering

$5$

$$years$,$ to operate as a franchisee of Crane Inc. For an initial franchise fee of $

$3$

$6$

$,$

$0$

$0$

$0$

$.$

$$The amount of $

$1$

$1$

$,$

$0$

$0$

$0$

$$was paid when the agreement was signed, and the balance is payable in five annual payments of $

$5$

$,$

$0$

$0$

$0$

$$each$,$ beginning Jan

$1$

$,$

$2$

$0$

$2$

$6$

$.$