Ted works for Azure Motors, an automobile dealership. All employees can buy a car at the company's cost plus 2%. The company does not charge employees the $300 dealer preparation fee that nonemployees must pay. Ted purchased an automobile for $29,580 ($29,000 þ $580). The company's cost was $29,000. The price for a nonemployee would have been $33,900 ($33,600 þ $300 preparation fee). What is Ted's gross income from the purchase of the automobile?
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