Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to the nearest cent.) Face Value Discount Rate (%) Term Bank Discount Proceeds $65,000 9.95 11 months $ 64675 $ 58989.20

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A: BANK DISCOUNT FORMULA: bank discount=face value×rate×time where, time is in years

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A: BANK DISCOUNT =FACE VALUE ×DISCOUNT RATE ×TIME PROCEEDS=FACE VALUE - BANK DISCOUNT