360 days

A man holds a note of $4,000 that has an interest rate of 13% annually. The note was made on March 16 and is due November 11. He sells the note to a bank on June 12 at a discount rate of 12% annually. Find the proceeds on the third-party discount note (Use the banker's rule.) The proceeds are $ (Round the final answer to the nearest hundredth as needed. Round all intermediate values to the nearest hundredth as needed