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To build a new warehouse, Whole Foods International signed a $300,000 simple interest note at 9% for 150 days with National Bank on November 20.

To build a new warehouse, Whole Foods International signed a $300,000 simple interest note at 9% for 150 days with National Bank on November 20. On February 6, National Bank sold all of its notes to Bank One.

Find the proceeds to National Bank given a discount rate of 10.5%.

Assume a 360-day year? (Be sure your calculator date worksheet is set to a 360-day year.)

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