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Cullumber Company receives a six-year, $52,000 note that bears interest at 9% (paid annually) from a customer at a time when the market interest rate

Cullumber Company receives a six-year, $52,000 note that bears interest at 9% (paid annually) from a customer at a time when the market interest rate is 7%. What is the present value of the note received by Cullumber? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, e.g. 5,275.25.)

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