Question: For each situation listed indicate the amount to be included in income for the current year. The federal interest rate of 5.5% is in effect.

For each situation listed indicate the amount to be included in income for the current year. The federal interest rate of 5.5% is in effect. Freddy purchased a certificate of deposit for $20,000 on July 1,2020 . The certificate's maturity value in two years (June 30,2022 ) is $21,223, yielding 3% before-tax interest

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