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Connors Company received a $4,000, 90-day, 10% note dated April 6 from one of its customers. Connors Company held the note until May 16, when

Connors Company received a $4,000, 90-day, 10% note dated April 6 from one of its customers. Connors Company held the note until May 16, when the company discounted it at a bank at a discount rate of 12%. What were the proceeds that Connors Company received?

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