Jackson Has a Loan That Requires a $17,000 Lump Sum

Multiple Choice

Jackson has a loan that requires a $17,000 lump sum payment at the end of four years. The interest rate on the loan is 5%, compounded annually. How much did Jackson borrow today? (^{PV of $1}, ^{FV of $1}, ^{PVA of $1}, and ^{FVA of $1}) (Use appropriate factor(s) from the tables provided.)

A) $15,343
B) $11,504
C) $16,150
D) $13,986
E) $13,600