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Bill Jones borrowed $7,000 for 90 days from First Bank. The bank discounted the note at 5 percent. What proceeds did Jones receive? (Do not

Bill Jones borrowed $7,000 for 90 days from First Bank. The bank discounted the note at 5 percent. What proceeds did Jones receive? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

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