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You wish to sell a 170 day Bank Bill that promises to pay $66,000 at maturity. The applicable simple interest rate is 5.31% per annum.

You wish to sell a 170 day Bank Bill that promises to pay $66,000 at maturity. The applicable simple interest rate is 5.31% per annum. If the sale occurs 76 days before maturity, calculate the proceeds (P) of the sale. Give your answer in dollars and cents to the nearest cent.

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