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On January 1, YR01, Toyota Inc. issued a two-year $1,000 note payable. The note bears interest of 8% paid yearly each December 31st and matures

image text in transcribed On January 1, YR01, Toyota Inc. issued a two-year $1,000 note payable. The note bears interest of 8% paid yearly each December 31st and matures on December 31 , YR02. At the date the note was issued, the market rate for similar notes payable was 12%. What is the present value of the note payable at the issue date of January 1 , YR01 (round to the nearest penny)? a. $797.19 b. $892.86 c. $929.85 d. $932.40 e. None of the answers provided is correct

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