Brief Exercise D-15

Robertson Company receives a $64,000, 6-year note bearing interest of 6% (paid annually) from a customer at a time when the discount rate is 8%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

What is the present value of the note received by Robertson? (Round answer to 2 decimal places, e.g. 25.25.)

Present value of note received $