1. You have a CD for $1,000. The interest rate is 5 percent annually, and the term...

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1. You have a CD for $1,000. The interest rate is 5 percent annually, and the term is 5 years. The CD has an early withdrawal penalty. If the money is withdrawn before 36 months, no interest is paid, and a penalty of 6 months’ interest is levied. If you withdraw the money after 12 months, what penalty will you pay? How much money will you get?

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