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Sheridan Company receives a six-year, $47,000 note that bears interest at 8% (paid annually) from a customer at a time when the market interest rate

Sheridan Company receives a six-year, $47,000 note that bears interest at 8% (paid annually) from a customer at a time when the market interest rate is 6%. What is the present value of the note received by Sheridan?(For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, e.g. 5,275.25.)

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