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(B) The owner of a small factory thinks that he will need $ 75,000 for new equipment in 10 years. He decides that he will

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(B) The owner of a small factory thinks that he will need $ 75,000 for new equipment in 10 years. He decides that he will put aside the money now so that after 10 years the $ 75,000 will be available. His bank offers him 10% interest compounded semiannually. What is the present value of the $ 75,000? (6 points)

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