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Consider a debt of 5 0 , 0 0 0 . The borrower issues a promissory note for the given amount and undertakes to pay

Consider a debt of 50,000. The borrower issues a promissory note for the given amount and undertakes to pay it in one year. At maturity of the bill, an interest of 9% p.a. will be paid. How much would the owner of the note receive if he sold it 3 months after the issue at a discount rate of 12% p.a.?

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