Question: On March 4 Jay Miller accepted a $5,000 note in granting a time extension of a bill for goods purchased by Russ Sullivan. Terms of

On March 4 Jay Miller accepted a $5,000 note in granting a time extension of a bill for goods purchased by Russ Sullivan. Terms of the note were 9% for 150 days. On June 8 Jay could no longer wait for the money and discounted the note at Ranger Bank at a discount rate of 9 %. Calculate Jay Millers proceeds.

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