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Y Ltd., a Canadian-controlled private corporation, spent $900,000 in SR&ED current expenditures and $500,000 in SR&ED capital expenditures. Y is not associated with any other

Y Ltd., a Canadian-controlled private corporation, spent $900,000 in SR&ED current expenditures and $500,000 in SR&ED capital expenditures. Y is not associated with any other corporation. Y's taxable capital for both the current and previous year is $2,000,000.

Determine the investment tax credit earned by Y.

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