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On May 12, Scott Rinse accepted an $14,000, 11%, 90-day note for a time extension...

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Accounting

On May 12, Scott Rinse accepted an $14,000, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. (Use Days in a year table.)

What proceeds does Scott receive?

Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.

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