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1. On June 1, 2018, a five-year promissory note for $4,500 was issued with an interest rate of 7.23% compounded semi-annually. The note is discounted

1. On June 1, 2018, a five-year promissory note for $4,500 was issued with an interest rate of 7.23% compounded semi-annually. The note is discounted on June, 2021 at 7.32% compounded quarterly. Find the proceeds of the note.

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