Question: A 9-month, $1000, 9% note is bought on March 15, 2004. The note is sold on May 15, 2004, at a bank charging 10.5% discount.

A 9-month, $1000, 9% note is bought on March 15, 2004. The note is sold on May 15, 2004, at a bank charging 10.5% discount. Find the proceeds using Banker's Rule

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