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Pharoah Company receives a $66,500, 8-year note bearing interest of 10% (paid annually) from a customer at a time when the discount rate is 12%.

Pharoah Company receives a $66,500, 8-year note bearing interest of 10% (paid annually) from a customer at a time when the discount rate is 12%.

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

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