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A ten-year note for $1000 bearing interest at 6% compounded monthly is discounted at 8% compounded quarterly threeyears, ten months after the date of issue.

A ten-year note for $1000 bearing interest at 6% compounded monthly is discounted at 8% compounded quarterly threeyears, ten months after the date of issue. Find the proceeds of the note.

The proceeds are $________ (round to nearest cent).

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