Hafers, an electrical supply company, sold $3,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.8% interest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July 20; the bank agreed to take over the note at a 5.5% discount. (UseDays in a year table.)

What proceeds will Hafers receive?(Use 360 days a year. Do not round intermediate calculations. Round your finalanswer to the nearest cent.)

Proceeds received