In Problems 20-52: a. State the type; and (mathbf{b}). Answer the question. You owe ($ 5,000) due

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In Problems 20-52:

a. State the type; and \(\mathbf{b}\). Answer the question.

You owe \(\$ 5,000\) due in 3 years, but you would like to pay the debt today. If the present interest rate is compounded annually at \(1.1 \%\), how much should you pay today so that the present value is equivalent to the \(\$ 5,000\) payment in 3 years?

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