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Excelsior Corporation obtained a $40,000 note receivable from a customer on June 30, 2016. The note, along with interest at 6%, is due on June

Excelsior Corporation obtained a $40,000 note receivable from a customer on June 30, 2016. The note, along with interest at 6%, is due on June 30, 2017. On September 30, 2016, Excelsior discounted the note at Clearfield bank. The bank's discount rate is 10%. What amount of cash did Excelsior receive from Clearfield Bank?

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