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Owen expects to receive $28,000 after one year from a trust fund (this is his only source of income). If a bank loans money at

Owen expects to receive $28,000 after one year from a trust fund (this is his only source of income). If a bank loans money at an interest rate of 7.7%, how much money (in $) can he borrow today? (Round your answer to the nearest cent.)

$

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