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alana olsen borrowed $ 5 , 0 0 0 for 9 0 days from first bank. the bank discounted the note at 6 percent a

alana olsen borrowed $

5, 000

for

90

days from first bank. the bank discounted the note at

6

percent

a what proceeds did olsen receive?

b what is the effective rate to the nearest basis point

?

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