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Question 1: After having to pay increased income taxes this year, Edmond has to sell his BMW. Edmond
bought the
car for $49,000, but he sold it for a 20% loss. What did Edmond sell the car for?
A. $24,200
B. $28,900
C. $35,600
D. $37,300
E. $39,200
Correct Answer: E
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