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Table 17-1
In 2016, a developer sells land for . The cost of the land was . He receives a down payment plus three instalments of , and which will be paid in 2017, 2018 and 2019 . He uses the instalment method to record revenue. It is decided that is the appropriate rate of interest.
-Refer to Table 17-1.What amount of profit will be recorded when the 2017 payment is received?
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