Ireland Corporation obtained a $40,000 note receivable from a customer on June 30,2016.The note,along with interest at 6%,is due on June 30,2017.On September 30,2016,Ireland discounted the note at Cloverdale bank.The bank's discount rate is 10%.What amount of cash did Ireland receive from Cloverdale Bank?
A) $40,600.
B) $36,000.
C) $39,220.
D) $36,820.
Correct Answer:
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