Robinson's, an electrical supply company, sold $3,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.8% interest. The due date was August 10. Short of funds,...

Extracted text: Robinson's, an electrical supply company, sold $3,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.8% 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 5.5% 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.) Proceeds received