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A five - year note for $ 2 3 0 0 issued on November 1 , 2 0 1 6 , with interest at 5

A five

-

year note for $

2300

issued on November

1, 2016,

with interest at

5 %

compounded annually is discounted on October

1, 2020,

6 %

compounded quarterly. What are the proceeds of the note?

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