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A car retailer sells its new cars by requiring a 20% deposit followed by no further payments until the full amount is due after two

A car retailer sells its new cars by requiring a 20% deposit followed by no further payments until the full amount is due after two years. The price of the cars is calculated using a 10% per annum interest. A customer took delivery of a car costing 20,000 on 1st January 20X7. How much is the revenue to be recognized in the year ended 31st December 207

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