Question:
John gave a large sum of money to Bill because he needed a loan.

Who is he referring to in this sentence?
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Answer:
Bill

Question:
The plane shot the rocket at the target, then it hit the target.

Who is it referring to in this sentence?
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Answer:
the rocket

Question:
The company declared bonus for the employees because they worked hard.

Who is they referring to in this sentence?
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Answer:
the employees

Question:
Todd was offered a recruitment letter from the Dean of Admissions himself because he had an athletic ability that was highly regarded by the university.

Who is he referring to in this sentence?
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Answer:
Todd