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A $15,000, 11%, 120-Day Note Dated Sept

Question 16

Multiple Choice

A $15,000, 11%, 120-day note dated Sept. 3, is discounted on Nov. 11. Assuming a bank discount rate of 9%, the proceeds would be:

A) $15,550.00
B) $15,351.74
C) $15,531.74
D) $15,135.47
E) None of these

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