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A country has $60 million of debt at the rate of 10%. It does not make any payments in year 1 and 2 and manages

A country has $60 million of debt at the rate of 10%. It does not make any payments in year 1 and 2 and manages to negotiate the interest rate to 7% at the end of year 2. 

Calculate the interest payment in year 3 for this country.

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