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Sheridan Company receives a $80,000, 9-year note bearing interest of 10% (paid annually) from a customer...

Sheridan Company receives a $80,000, 9-year note bearing interest of 10% (paid annually) from a customer at a time when the discount rate is 11%.

Click here to view the factor table.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

What is the present value of the note received by Sheridan? (Round answer to 2 decimal places, e.g. 25.25.)

enter the present value of the note received in dollars rounded to 2 decimal places
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