On oct 14 sheffield company discounted at sunshine bank a, Ask an Expert

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On Oct. 14, Sheffield Company discounted at Sunshine Bank a $9,000 (maturity value), 113-day note dated July 13. Sunshine’s discount rate was 11%. (Use Days in a year table.)

What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.)

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Financial Management, Finance

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