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Manning loans money to Luck Corporation in the amount of $400,000. Manning accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Manning needs money and therefore sells the note to Denver National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Manning will receive on the sale of the note?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92748899

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