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Question
Lance cashes a bond paying 5% per year and invests this $1,000,000 in his courier business. He quit a $40,000-a-year job as a letter carrier to open the business. After one year he earned an accounting profit of $150,000. Depreciation costs were $10,000. His economic profits are
A) $110,000. B) $100,000. C) $140,000. D) $60,000. E) $150,000. Answer
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