Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50% compounded semi-annually, and due in 3½ years. After 2 years, the note was sold to a finance company...

Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50% compounded semi-annually, and due in 3½ years. After 2 years, the note was sold to a finance company at a discount rate of 11% compounded quarterly. What are the proceeds of the sale? (answer(s) should be rounded to the nearest cent.)

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