Misk, Inc. received from a customer a one year, $750,000 note bearing annual interest of 9%.
After holding the note for six months, Misk discounted the note at National Bank at an effective interest rate of 12%.
What amount of cash did Mick receive from the bank?
a. $780,713
b. $768,450
c. $700,950
d. $719,400
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