Question: Assume that the note in problem 4 , instead of being collected, was discounted at Fells Wargo Bank at a discount rate of 16% on

Assume that the note in problem 4, instead of being collected, was discounted at Fells Wargo Bank at a discount rate of 16% on July 31st, 2020. Find (showing your work!) the:

a) Maturity Value

b) Discount Period

c) Discount Amount

d) Proceeds

e) Journal Entry

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