The proceeds are $
(Round the final answer to the nearest hundredth as needed Round all intermediate values to the nearest hundredth as needed)
K
A man holds a note of $4,000 that has an interest rate of 11% annually. The note was made on March 18 and is due November 14. He sells the note to a bank on June 14 at
a discount rate of 10% annually. Find the proceeds on the third-party discount note. (Use the banker's rule)
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