(6) On June 3, 1977, Alan borrowed $3,000 from Chan and gave Chan a promis- sory note at an annual rate of simple interest of 10% and a maturity date of May 15, 1978. Exact simple interest is used to compute the repayment amount on this note. Javier purchased the promissory note from Chan on December 20, 1977 based on simple discount at an annual rate of 12%, with time mea- sured using the actual/actual" method. Determine Javier's purchase price, and the equivalent annual effective interest rates earned by Chan and by Javier. (In Chapter 2, such rates are called annual yield rates.)