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On November 13, 2012 Progress Inc. signed an interest-bearing promissory note, due on May 12, 2013, for $80,000 at an interest rate of 5.46%. The

On November 13, 2012 Progress Inc. signed an interest-bearing promissory note, due on May 12, 2013, for $80,000 at an interest rate of 5.46%. The company sold the promissory note 38 days later to Mammoth Inc. at a price that would yield 5.00% p.a. a. What was the maturity value of the interest-bearing promissory note? Round to the nearest cent. b. How much did Mammoth Inc. pay for the note?

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