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Please show calculation details for partial marks. The company issues a note to an entity to borrow cash for five years and will pay $500,000

Please show calculation details for partial marks.

  1. The company issues a note to an entity to borrow cash for five years and will pay $500,000 to the entity at the end of the fifth year but not pay any interest. If the annual market interest rate is 4%, please calculate the present value of the note (compounded annually and rounded to the nearest dollar).

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