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27 Chang Co. issued a $47,440,120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360 -day year, the cash proceeds to

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Chang Co. issued a $47,440,120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360 -day year, the cash proceeds to Chang Co. are a. $50,286 b. $47,677 C. $47,440 d. $46,491

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