QUESTION $57$

Wolfe Co$.$ issued for cash a $$100,000,3-$year note bearing interest at $8\%$ to Hounds, Inc. The market rate of

interest for a note of similar risk is $10\%.$ One step in calculating the cash received from the issuance of the

note is to multiply the face value by the table value for

$3$ periods and $10\%$ from the present value of an ordinary annuity table.

$3$ periods and $8\%$ from the present value of an ordinary annuity table.

$3$ periods and $10\%$ from the present value of $1$ table.

$3$ periods and $8\%$ from the present value of $1$ table.