Question: Use the formula: P = M(1-DT) where P is net proceeds of a note that has been discounted; M is maturity value, D is the

Use the formula: P = M(1-DT) where P is net proceeds of a note that has been discounted; M is maturity value, D is the discount rate, and T is time of the note to solve the following question:A $1000 bank note with a maturity value of $1010 is discounted at the rate of 6%. It is a 90-day note. What are net proceeds?

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