Martin redeemed $3,000 (principal of $2,000 and interest of $1,000) of Series I Savings Bonds to pay qualified higher education expenses. His qualified expenses for the year totaled $2,500 and AGI consists of wages of $20,000. What is the amount of interest that Martin must include in income? (Round interim calculations to three decimal places)
A. $1,000.
B. $833.
C. $167.
D. $0.
Answer: C
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What will be an ideal response?
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