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Ivanhoe Company receives a $77,000, 5-year note bearing interest of 9% (paid annually) from a customer at a time when the discount rate is 11%.

Ivanhoe Company receives a $77,000, 5-year note bearing interest of 9% (paid annually) from a customer at a time when the discount rate is 11%. 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 Ivanhoe? (Round answer to 2 decimal places, e.g. 25.25.)

Present value of note received

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