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Chang Co. issued a $50,312, 120-day, discounted note to Guarantee Bank. The discount rate is...

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Accounting

Chang Co. issued a $50,312, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are

a.$55,846

b.$50,312

c.$50,773

d.$48,467

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