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Question: A four-year $8,000 promissory note bearing interest at 13.5% compounded monthly was discounted 21 months after issue to yield 12% compounded quarterly. What were

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A four-year $8,000 promissory note bearing interest at 13.5% compounded monthly was discounted 21 months after issue to yield 12% compounded quarterly. What were the proceeds from the sale of the note?

Please explain and do not copy from Chegg. Otherwise I have to report the answer.

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