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You purchase a note that says: I.O.U. $60,493 in 4 years. The market rate of interest at the time of purchase is 7%. Three years
You purchase a note that says: "I.O.U. $60,493 in 4 years. The market rate of interest at the time of purchase is 7%. Three years later, you sold the note when the market rate of interest is 5%. How much gain did you make on the sale?
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