Question: A note dated July 1, 2008, promises to pay $8000 with interest at 7% compounded quarterly on January 1, 2017. Find the proceeds from the

A note dated July 1, 2008, promises to pay $8000 with interest at 7% compounded quarterly on January 1, 2017. Find the proceeds from the sale of the note on July 1, 2012, if money is then worth 8% compounded semi-annually.

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