A note dated September 15, 1992, calls for payment of $50,000 with annual interest at 9% in 4 years. On December 20, 1994, the note is sold at a price that will yield 8% compounded semiannually. Compute the selling price.

A note of $80,000 is due in 5 years with interest at 8%. At the end of 3 years the note is discounted at 9%. What are the proceeds at the time of discounting?