On May 12, Scott Rinse accepted an $15,500, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%. (Use Days in a year table.)

What proceeds does Scott receive?

Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.