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Chang Co . issued a $ 4 8 , 0 0 0 , 1 2 0 - day, discounted note to Guarantee Bank. The discount

Chang Co

.

issued a $

48, 000, 120 -

day, discounted note to Guarantee Bank. The discount rate is

11 % .

Assuming a

360 -

day year, the cash proceeds to Chang Co

.

are

2 .

48, 000

.

48, 440

.

46, 240

.

53, 280

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