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1. Phil purchased an NCD a year ago in the secondary market for $970,000. The NCD matures today at a price of $1,000,000, and Phil

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1. Phil purchased an NCD a year ago in the secondary market for $970,000. The NCD matures today at a price of $1,000,000, and Phil received $45,000 in interest. What is Phil's return on the NCD

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