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A five-year $8,600 promissory note bearing interst at 6% compounded monthly (12) was sold after two years and three months. Calculate the sale price using

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A five-year $8,600 promissory note bearing interst at 6% compounded monthly (12) was sold after two years and three months. Calculate the sale price using a discount rate of 8% compounded quarterly (j4). Round your answer to 2 decimal places. Your

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