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A company must repay the bank $50,000 cash in three years for a loan. The...

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Accounting

A company must repay the bank $50,000 cash in three years for a loan. The loan agreement specifies 9% interest compounded annually. The present value factor for three years at 9% is 0.7722. How much cash did the company receive from the bank on the day they borrowed this money?

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