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A seven-year interest-bearing note for $19,950 at 8.1% compounded quarterly is issued on January 19, 2006. Four years and 11 months later, the note is

A seven-year interest-bearing note for $19,950 at 8.1% compounded quarterly is issued on January 19, 2006. Four years and 11 months later, the note is discounted at 14.55% compounded monthly.

Determine the proceeds on the note and how much interest the original owner of the note realized?

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