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Sun Valley Snow Cones issued $25 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 14%

Sun Valley Snow Cones issued $25 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 14% discount rate. How much cash did Sun Valley receive when this note was issued?

22,375,000

21,500,000

25,000,000

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