Last year Best Bank received $60 million in interest payments from borrowers, and $20 million in loans were written off as uncollectible. The bank paid out $22 million in interest to its depositors and collected $35 million for various fees it charged. Administration costs were $15 million, and taxes were $3 million. What was the value of Best Bank's accounting profits?
a. $35 million
b. $15 million
c. $50 million
d. $57 million
a. $35 million
The value of Best Bank's accounting profits was $35 million.
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