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Find the proceeds of a non-interest-bearing promissory note for $3994.99, discounted 37 months before its...

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Accounting

Find the proceeds of a non-interest-bearing promissory note for $3994.99, discounted 37 months before its due date at 7.8% compounded semi-annually.

The proceeds are $

(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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