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Chang Co. issued a $56,400, 120-day, discounted note to Guarantee Bank. The discount rate is 7%. Assuming a 360-day year, the cash proceeds to Chang

Chang Co. issued a $56,400, 120-day, discounted note to Guarantee Bank. The discount rate is 7%. Assuming a 360-day year, the cash proceeds to Chang Co. are Round your answer to the nearest whole dollar.

a.$60,348

b.$56,729

c.$55,084

d.$56,400

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