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Crane Company receives a $86,000, 5-year note bearing interest of 5% (paid annually) from a customer...

Crane Company receives a $86,000, 5-year note bearing interest of 5% (paid annually) from a customer at a time when the discount rate is 6%.

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 Crane? (Round answer to 2 decimal places, e.g. 25.25.)

Present value of note received

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

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