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What is the present value of the note receivable at June

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Question - On June 1, 20X6, Windows, Screens & Blinds Ltd. exchanged an $18,500 account receivable from Two-Tone Painters for a $20,000, 18-month, interest-free note receivable. The market rate of interest on similar notes is 7%. The full amount of the note is due at maturity on November 30, 20X7.

What is the present value of the note receivable at June 1, 20X6?

a) $18,070

b) $18,500

c) $18,692

d) $20,000

Reference no: EM132537956

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