The Collaborative International Dictionary of English v.0.48:

Deduce \De*duce"\, v. t. [imp. & p. p. Deduced; p. pr. & vb.
   n. Deducing.] [L. deducere; de- + ducere to lead, draw. See
   Duke, and cf. Deduct.]
   1. To lead forth. [A Latinism]
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            He should hither deduce a colony.     --Selden.
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   2. To take away; to deduct; to subtract; as, to deduce a part
      from the whole. [Obs.] --B. Jonson.
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   3. To derive or draw; to derive by logical process; to obtain
      or arrive at as the result of reasoning; to gather, as a
      truth or opinion, from what precedes or from premises; to
      infer; -- with from or out of.
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            O goddess, say, shall I deduce my rhymes
            From the dire nation in its early times? --Pope.
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            Reasoning is nothing but the faculty of deducing
            unknown truths from principles already known.
                                                  --Locke.
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            See what regard will be paid to the pedigree which
            deduces your descent from kings and conquerors.
                                                  --Sir W.
                                                  Scott.
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WordNet (r) 3.0 (2006):

deduce
    v 1: reason by deduction; establish by deduction [syn: deduce,
         infer, deduct, derive]
    2: conclude by reasoning; in logic [syn: deduce, infer]

Moby Thesaurus II by Grady Ward, 1.0:

101 Moby Thesaurus words for "deduce":
   analyze, apply reason, arouse, assume, be afraid, believe,
   bring forth, bring out, bring to light, call forth, call out,
   call up, cogitate, collect, conceive, conclude, consider, daresay,
   deduct, deem, derive, divine, drag out, draw, draw a conclusion,
   draw an inference, draw forth, draw out, dream, educe, elicit,
   evoke, expect, extract, fancy, feel, fetch, find, gather,
   generalize, get from, get out of, glean, grant, hypothesize,
   imagine, induce, infer, intellectualize, judge, let, let be,
   logicalize, logicize, make, make out, obtain, opine, philosophize,
   prefigure, presume, presuppose, presurmise, procure,
   provide a rationale, provisionally accept, rationalize, read into,
   reason, reason that, reckon, regard, repute, rouse, say, secure,
   stimulate, summon forth, summon up, suppose, surmise, suspect,
   syllogize, synthesize, take, take as proved, take for,
   take for granted, take it, take to be, take to mean, theorize,
   think, understand, use reason, wangle, wangle out of, winkle out,
   work out, worm out, worm out of