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Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. The cash proceeds to Chang Co. are a. $49,000

Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. The cash proceeds to Chang Co. are a. $49,000 b. $49,750 c. $51,000 d. $47,000

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