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Robinson's, an electrical supply company, sold $6,400 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 3.6% interest. The
Robinson's, an electrical supply company, sold $6,400 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 3.6% interest. The due date was August 10 . Short of funds, Robinson's contacted Capital One Bank on July 20 ; the bank agreed to take over the note at a 5.3% discount. (Use Days in a year table.) What proceeds will Robinson's receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Complete the following using compound future value. (Use the Table provided.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent
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