Question: On March 1 2 , Bill Jones accepted a $ 5 , 0 0 0 note in granting a time extension of a bill for

On March 12, Bill Jones accepted a $5,000 note in granting a time extension of a bill for goods purchased by Ron Prentice. Terms of the note were 8% for 120 days. On July 8, Bill could no longer wait for the money and discounted the note at Able Bank at a discount rate of 9%. The proceeds to Bill is:

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