A promissory note was signed on April 1, 2008 with face value $3000 and with interest rate j4 = 6%. The note matures on September 1, 2011.

(a) Using the practical method, find the maturity value of the note.

(b) On December 1, 2009 the original owner of the note sells it to a bank which discounts the notes at j2 = 10%. Using the practical method, find the proceeds the bank paid for the note.

(c) Find the rate j12 which the original owner earns on his $3000 investment.