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On Dec. 8, Sheffield Company discounted at Sunshine Bank a $7,200 (maturity value), 122-day note dated Sept. 12. Sunshines discount rate was 9%. (Use Days

On Dec. 8, Sheffield Company discounted at Sunshine Bank a $7,200 (maturity value), 122-day note dated Sept. 12. Sunshines discount rate was 9%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.)

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