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You wish to sell a 160 day Commercial Bill that promises to pay $80,000 at maturity. The applicable simple interest rate is 8.66% per annum.

You wish to sell a 160 day Commercial Bill that promises to pay $80,000 at maturity. The applicable simple interest rate is 8.66% per annum. If the sale occurs 74 days before maturity, calculate the proceeds (P) of the sale. Give your answer in dollars and cents to the nearest cent.

P = $ ?

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