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: A 15-year promissory note for $16,500 bearing interest at 12% compounded semiannually is discounted at 9% compounded monthly, 3 years and 4 months after

: A 15-year promissory note for $16,500 bearing interest at 12% compounded semiannually is discounted at 9% compounded monthly, 3 years and 4 months after the date of issue. Determine the proceeds of the note.

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