Ron Prentice bought goods from Shelly Katz. On May 26, Shelly gave Ron a time extension on his bill by accepting a $3,500, 8.80%, 150-day note. On August 31, Shelly discounted the note at Roseville Bank at 9.80%. (Use Days in a year table.)

Question

What proceeds does Shelly Katz receive? (Use 360 days a year