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an individual, purchased a $40,000 bond on its issue date, October 1, Year 1. The bond pays interest at maturity, September 30, Year 3, at

an individual, purchased a $40,000 bond on its issue date, October 1, Year 1. The bond pays interest at maturity, September 30, Year 3, at a rate of 3% compounded annually. What amount of interest must be included in income for Year 2?

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