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A Tier 1 automotive supplier accepts a $ 4 , 5 0 0 , 0 0 0 promissory note from an automotive manufacturer ( OEM

A Tier

1

automotive supplier accepts a $

4, 500, 000

promissory note from an automotive manufacturer

(

OEM

)

for

6

months at

5 % .

After

4

months, the automotive supplier discounts the notes. If the discount rate is

7 %,

what are the proceeds of the discounted note?

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