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Robertson Machinery sold some equipment for $9,500 and established a promissory note requiring 7.20% compounded monthly, and due in 2 years. After 1 years, the
Robertson Machinery sold some equipment for $9,500 and established a promissory note requiring 7.20% compounded monthly, and due in 2 years. After 1 years, the note was sold to a finance company at a discount rate of 15% compounded quarterly. What are the proceeds of the sale? For full marks your answer(s) should be rounded to the nearest cent.
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Proceeds = $0.00
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