Ireland Corporation obtained a $50,000 note receivable from a customer on June 30, 2013. The note, along with interest at 4%, is due on June 30, 2014. On September 30, 2013, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did Ireland receive from Cloverdale Bank?
$46,000
$48,880
$50,500
$46,880
