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A policyowner intends to surrender her policy with a reported $60,000 cash value. She took out a $10,000 policy loan 2 years ago that has

A policyowner intends to surrender her policy with a reported $60,000 cash value. She took out a $10,000 policy loan 2 years ago that has an 8 percent fixed policy loan rate. None of the loan has been repaid, and there are no applicable surrender charges. How much will she receive as a result of surrendering the policy?

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