On June 30, 2016, Kimberly Farms purchased custom-made harvesting equipment from a local producer. In payment, Kimberly signed a noninterest-bearing note requiring the payment of $68,000 in two years. The fair value of the equipment is not known, but an 9% interest rate properly reflects the time value of money for this type of loan agreement.

At what amount will Kimberly initially value the equipment?

Table function: ?

Future Value: ?

n: 2

i: 9%

Present value: ?