Question: Referring to the previous problem, Alpha finds itself in need of cash prior to the maturity of the note, so it discounts the note at

Referring to the previous problem, Alpha finds itself in need of cash prior to the maturity of the note, so it discounts the note at the bank eight days after receiving it

.

The bank charges

11 %

interest

(

use Banker's Time

) .

What amount

(

net proceeds

)

does Alpha get from the bank?

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