Compute Bank Discount Using (A)ordinary Interest, (B)proceeds, and (C)effective Interest

Short Answer

Compute bank discount using (A)ordinary interest, (B)proceeds, and (C)effective interest rate to the nearest hundredth. Do not round denominator in your calculation.
$$\begin{array} { | c | c | c | } \hline \text { Face Value } & \text { Discount Rate } & \text { Time in Days } \\\hline \$ 9,000 & 14 \% & 110 \\\hline\end{array}$$