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A 5-year promissory note with a face value of $3500, bearing interest at 11% compounded...

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Accounting

A 5-year promissory note with a face value of $3500, bearing interest at 11% compounded semiannually, was sold 21 months after its issue date to yield the buyer 10% compounded quarterly. What amount was paid for the note?

a. $4336.93

b. $5978.51

c. $4251.71

d. $6021.50

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