Crane Company receives a $61,200, 7-year note bearing interest of 12% (paid annually) from a customer at a time when the discount rate is 8%.

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(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

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

Present value of note received

$enter the present value of the note rounded to 2 decimal places