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On Aug. 15. Sheffield Company discounted at Sunshine Bank a $7,875 (maturity value), 116-day note dated May 23. Sunshine's discount rate was 11%. (Use Days

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On Aug. 15. Sheffield Company discounted at Sunshine Bank a $7,875 (maturity value), 116-day note dated May 23. Sunshine's discount rate was 11%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received sook Hint

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