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Ignorant of the local custom of offerings strangers outrageous prices and then negotiating down, the clothing maker accepts the initial price 400 tepizes/m^2. The price of this cloth in New York is 120 dollars/yard^2. If the clothing maker bought 500 m^2 of this fabric, how much money did he lose? Use 1 tepiz= 0.625 dollar and 0.9144m = 1 yard.

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