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Three years ago, you could have sold your first home to purchase a second home...

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Accounting

Three years ago, you could have sold your first home to purchase a second home but instead, kept your first home and took out a greater mortgage to purchase the second home for $1 million. Today, you are desperate for cash and face the decision to sell that second home for the current market value, roughly $1.5 million. The $1 million purchase price of the second home is considered as: sunk cost, opportunity cost, irrelevant benefit or

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