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(4) Find the present value of $50,000 due in 20 years at a bank rate of 5% compounded daily. Assume that the bank uses 360

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(4) Find the present value of $50,000 due in 20 years at a bank rate of 5% compounded daily. Assume that the bank uses 360 days in determining the daily rate and that there are 365 days in a year; that is, compounding occurs 365 times in a year. a written statem

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