GREAT START COMMUNITY BANK

Savings Rates

Regular Passbook Interest Rates

$0\mathrm{.}10\%$

$**$Money Market Savings or Checking Plus Savings Checking

$$50,000$ or greater $0\mathrm{.}30\%0\mathrm{.}20\%$

$$25,000$ to $$49,9990\mathrm{.}20\%0\mathrm{.}10\%$

$$10,000$ to $$24,9990\mathrm{.}10\%0\mathrm{.}10\%$

$$1,000$ to $$9,9990\mathrm{.}10\%0\mathrm{.}10\%$

$**$Balances below $$1,000$ earn the regular Passbook Rate.

$**$Fees could reduce earnings on accounts.

$**$Certificates of Deposit $($$$500$ minimum$)$ A$.$P$.$Y$.$ Interest Rate

$31-$day CD $0\mathrm{.}10\%0\mathrm{.}099\%$

$32-$day to $179-$day CD $0\mathrm{.}10\%0\mathrm{.}099\%$

$6-$month CD $0\mathrm{.}25\%0\mathrm{.}249\%$

$1-$year CD $0\mathrm{.}50\%0\mathrm{.}499\%$

$18-$month CD $0\mathrm{.}75\%0\mathrm{.}749\%$

$18-$month Variable Rate CD $0\mathrm{.}75\%0\mathrm{.}749\%$

$($add deposits anytime during term$)$

$2-$year CD $1\mathrm{.}00\%0\mathrm{.}995\%$

$3-$year CD $1\mathrm{.}51\%1\mathrm{.}500\%$

$4-$year CD $1\mathrm{.}76\%1\mathrm{.}749\%$

$5-$year CD $2\mathrm{.}01\%1\mathrm{.}990\%$

$**$A penalty may be imposed for early withdrawal.

$1.$Soo Hyun recently sold her car for $$2,500$ and has no immediate plans for spending the money. She is considering opening either a regular passbook account or a one$-$year CD$.$ Refer to the savings account rates for Great Start Community Bank to answer the following question: Compared to interest on a passbook savings account, how much more interest would her money earn with the one$-$year CD$?$ The CD compounds interest monthly. Use the compound interest calculator below to compute your answ