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Amit signs a note promising to pay Justin $1200 at 11.25% compounded monthly in 6 years. However, 6 months before maturity, Justin sells the note

Amit signs a note promising to pay Justin $1200 at 11.25% compounded monthly in 6 years. However, 6 months before maturity, Justin sells the note to Angela who discounts the note based on 17.25% bank discount rate.

a. Find the maturity value of the note. b. How much did Justin receive from the sale of the note to Angela?

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