On July 1, 2020, Lee Corp. sold goods in exchange for a $100,000, 5%, one-year note, with interest due at maturity. Lee Corp. discounted the note on September 1 to a bank. Assume that the discounting qualifies as a sale and that the bank charges an 8% fee on the maturity value of the note. What amount did Lee receive when it discounted the note?

Select one:

a. $93,333

b. $99,360

c. $92,000

d. $98,000