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Robinson’s, an electrical supply company, sold $7,400 of equipment to Jim Coates Wiring, Inc. Coates signed...

Robinson’s, an electrical supply company, sold $7,400 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.6% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.3% discount. (Use Days in a year table.)

What proceeds will Robinson’s receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)

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