Robinson’s, an electrical supply company, sold $7,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.0% interest. The due date was August 10. Short of funds,...

Robinson’s, an electrical supply company, sold $7,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.0% 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 6.7% 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.)