Jane Doe accepted a promissory note in lieu of payment for some consulting work that she did. The note is $4000 due in 7 months at an interest rate of 8%. After 4 months Jane decides to discount the note a the bank. The discount rate that the bank charges is 9.1%. Find the proceeds that Jane receives from the bank.
(Answered) : Jane Doe accepted a promissory note in lieu of payment for some consulting work that she did. The note is $4000 due in 7 months
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