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Question Content Area Assuming a 3 6 0 - day year, proceeds of $ 5 3 , 3 0 4 were received from discounting a

Question Content Area
Assuming a 360-day year, proceeds of $53,304 were received from discounting a $54,953,90-day note at a bank. The discount rate used by the bank in computing the proceeds was
a.12%
b.14%
c.10%
d.13%

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