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A company must repay the bank a single payment of $40,000 cash in 5 years for a loan it entered into. The loan is at

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A company must repay the bank a single payment of $40,000 cash in 5 years for a loan it entered into. The loan is at 10% interest compounded annually. The present value of 1 (single sum) at 10% for 5 years is .6209. The present value of an annuity (series of payments) at 10% for 5 years is 3.7908. The present value of the loan (rounded) is

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