BioGen Company, a small biotechnology firm, would like to borrow a loan to purchase laboratory equipment for gene splicing. The loan carries an interest rate of 8% per year and is to be repaid $396,719 at the end of 6 years. How much is the loan?
a. $200,000
b. $226,088
c. $245,236
d. $250,000
e. None of above.