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Oriole Company receives a $78,000, 10-year note bearing interest of 9% (paid annually) from a customer at a time when the discount rate is 11%.

Oriole Company receives a $78,000, 10-year note bearing interest of 9% (paid annually) from a customer at a time when the discount rate is 11%.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the present value of the note received by Oriole? (Round answer to 2 decimal places, e.g. 25.25.)

Present value of note received = ??

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