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Violet, Inc. received from a customer a one year, $500,000 note bearing annual interest of...

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Accounting

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Violet, Inc. received from a customer a one year, $500,000 note bearing annual interest of 10%. After holding the note for six months, Violet discounted the note at Central Bank at an effective interest rate of 12%. What amount of cash did Violet receive from the bank from discounting the note? (a) $517,000 (b) $550,000. (c) $530,000. (d) $500,000. 10

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