Under the GAAP hierarchy that prioritizes the information used to arrive at fair value,Level 3 uses quoted prices from active markets for identical assets or liabilities to determine fair value.

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Level 1 uses quoted prices from active markets for identical assets or liabilities to determine fair value, while Level 3 represents inputs that may be unobservable and require management's assumptions and estimates to determine fair value.

Under the GAAP Hierarchy That Prioritizes the Information Used to Arrive