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P9-11 (Algo) Computing Present Values LO9-7, 9-8[The following information applies to the questionsdisplayed below.]On January 1, Boston Company completed the following transactions(use a 7% annual interest rate for all transactions): (FV of $1, PVof $1, FVA of $1, and PVA of $1) (Use the appropriatefactor(s) from the tables provided.)Promised to pay a fixed amount of $7,700 at the end of eachyear for eight years and a one-time payment of $118,400 at the endof the 8th year.Established a plant remodeling fund of $492,550 to be availableat the end of Year 9. A single sum that will grow to $492,550 willbe deposited on January 1 of this year.Agreed to pay a severance package to a discharged employee. Thecompany will pay $76,700 at the end of the first year, $114,200 atthe end of the second year, and $151,700 at the end of the thirdyear.Purchased a $178,500 machine on January 1 of this year for$35,700 cash. A five-year note is signed for the balance. The notewill be paid in five equal year-end payments starting on December31 of this year.Required:1. In transactions (1-4), determinethe present value of the debt. (Round your answer tonearest whole dollar.)Present value