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(Related to Checkpoint 5.4) (Present value) What is the present value of $500 to be received 8 years from now discounted back to the present

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(Related to Checkpoint 5.4) (Present value) What is the present value of $500 to be received 8 years from now discounted back to the present at 11 percent? The present value of $500 to be received 8 years from now discounted back to the present at 11 percent is $ . (Round to the nearest cent.)

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