This tax year, Tom's parents paid $5,000 of their own funds to cover all the cost of his college tuition. Tom also received a Pell grant for $3,000 and a student loan for $2,000. Tom's parents opted to apply the Pell grant of $3,000 toward the living expenses. For purposes of figuring an education credit, what are Tom's parents' total qualified tuition and related expenses?
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$10,000 |
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$7,000 |
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$5,000 |
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$2,000 |
