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A seven-year, non-interest bearing promissory note for $5,200 is discounted 3 years and 8 months before its due date at 9% compounded quarterly. Determine the

A seven-year, non-interest bearing promissory note for $5,200 is discounted 3 years and 8 months before its due date at 9% compounded quarterly. Determine the proceeds of the note.

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