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A Firm sold merchandise to a customer. The customer paid $5,000 on the date of sale and signed a note agreeing to make twenty monthly

A Firm sold merchandise to a customer. The customer paid $5,000 on the date of sale and signed a note agreeing to make twenty monthly payments of $500 each with the first payment due in one month. The interest rate is 12%. Determine the present value.

$4,253

$8,735

$13,121

$14,023

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