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Gregory is a partner in a landscaping business. Under the terms of the partnership agreement, he is entitled to 50% of the business profits, with
Gregory is a partner in a landscaping business. Under the terms of the partnership agreement, he is entitled to 50% of the business profits, with a minimum guaranteed payment of $30,000 per year. In 2019, the partnership's net profits were $200,000. How much is Gregory's guaranteed payment in 2019?
$0
$30,000
$70,000
$100,000
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