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

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2. 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If the money is withdrawn before 36 months, interest is paid for the time the money is in the account, but a 6-month interest penalty is deducted. If you withdraw the money after 12 months, what penalty will you pay? How much money will you get?

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Personal Financial Literacy

ISBN: 978-0538444521

1st Edition

Authors: Joan Ryan

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Question Posted: Oct 30, 2024 05:02 AM

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Personal Financial Literacy

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