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An individual purchased a $80,000 bond on its issue date, September 1, 2023. The bond pays interest at maturity, August 31, 2025, at a rate
An individual purchased a $80,000 bond on its issue date, September 1, 2023. The bond pays interest at maturity, August 31, 2025, at a rate of 5% compounded annually. What amount of interest must be included in income in 2024?
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