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Robinson s , an electrical supply company, sold $ 7 , 4 0 0 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory

Robinsons, an electrical supply company, sold $7,400 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 4.6% interest. The due date was August 10. Short of funds, Robinsons contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.3% discount. (Use Days in a year table.)
What proceeds will Robinsons receive?

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