A state had an investment with a cost of $600,000 that was actively traded. At the end

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Question:

A state had an investment with a cost of $600,000 that was actively traded. At the end of year1 the price of identical investment was $550,000 and the price of similar investment was $575,000. The comptroller calculated the fair vale at $525,000 based on an income approach.

What was the the value of the investment at the end of year 1?