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Caledonian Company receives a six-year, $50,000 note that bears interest at 8% (paid annually) from a customer at a time when the market interest rate

Caledonian Company receives a six-year, $50,000 note that bears interest at 8% (paid annually) from a customer at a time when the market interest rate is 6%. What is the present value of the note received by Caledonian?

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