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On January 8, Lawrence Co. issued a $68,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day year, what is

On January 8, Lawrence Co. issued a $68,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day year, what is the amount of proceeds received?

a.$69,813

b.$62,560

c.$66,187

d.$68,000

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