Jones Co. borrowed money that is to be repaid in 12 years. So that the loan will be paid back at end of the 12th year, the company invests $8,000 at end of each year at 5% compounded annually. The amount of the original loan was :
a. $127,336.80
b. $70,905.60
c. $127,636.80
d. $70,950.60