Question: An eight-year note for $3800 with interest at 11% compounded semiannually was sold after three years and three months to yield the buyer 14% compounded

An eight-year note for $3800 with interest at 11% compounded semiannually was sold after three years and three months to yield the buyer 14% compounded quarterly.

What price did the buyer pay? (Do not round the intermediate calculations. Round your answer to the nearest cent.)

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