Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 7%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Bank discount Face value (principal) 47,500 Proceeds Rate of interest 11% Maturity value Length of note 85 days Date of note July 14 Date note discounted August 5 Discount period days TABLE 7-1 Exact days-in-a-year calendar (excluding leap year) 31 Day of month 31 Jan 1 2 . 3 Dec. 28 Feb 32 33 34 31 Mar 60 61 62 30 Apr 91 92 93 31 Oct. 274 31 May 121 122 123 124 30 June 152 153 154 155 31 July 182 183 184 185 31 Aug. 213 214 215 216 30 Sept. 244 245 246 335 159 160 189 190 220 221 130 70 101 282 283 284 285 286 315 316 317 73 74 104 105 287 318 288 289 76 77 107 108 172 173 79 80 81 82 83 84 85 86 327 328 205 110 111 112 1 113 114 115 116 117 118 119 120 298 140 141 142 143 144 145 146 147 148 149 150 151 175 176 177 178 179 180 181 207 208 209 210 211 237 238 239 240 268 269 270 271 331 332 89 242 273 334 303 304 364 365 223 "Often referred to as a Julian calendar