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On January 1, 2024, an investor paid $249,000 for bonds with a face amount of $300,000. The contract rate of interest is 8% while the

On January 1, 2024, an investor paid $249,000 for bonds with a face amount of $300,000. The contract rate of interest is 8% while the current market rate of interest is 10%. Using the effective interest method, how much interest income is recognized by the investor in 2025 (assume annual interest payments and amortization)?

$24,900.
$25,140.
$24,990.
$23,184.

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