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That is a tough one. I'd take the new offer. I'd still interview on Friday and let them know that you did receive an offer from another place which may force their hand. Especially if it's with the CEO who likely can make a decision on the spot.
As for reneging on the offer, I think that's just life. You can ask the other company to match if you were to get the job. That at least gives that company the option to keep you if they want. No company can expect someone to turn down that kind of pay increase. I guess it could hurt your reputation but it's business, nothing personal.
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