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Robert Withdrew $100,000 from an Account That Paid 10 Percent

Question 39

Multiple Choice

Robert withdrew $100,000 from an account that paid 10 percent annual interest and used the funds to purchase real estate. After one year he sold the property for $120,000. The accounting profit on this deal was:


A) $120,000.
B) $100,000.
C) $20,000.
D) $10,000.

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