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Hafers, an electrical supply company, sold $3,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.00% interest. The due date was August 18. Short of funds, Hafers contacted Charter One Bank on July 12; the bank agreed to take over the note at a 5.40% discount.
What are the proceeds?

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