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If you withdraw some of your money from a certificate of deposit before the due date, you must pay an interest penalty. Let's say you
If you withdraw some of your money from a certificate of deposit before the due date, you must pay an interest penalty. Let's say you invested $ 6,000 in a one-year certificate of deposit that will offer you 8.8% interest. After 6 months you decide to withdraw $ 6000. Your penalty is 3 months of simple interest on the $ 6000. How much is the penalty that you will have to pay? (Round your answers to two decimal places.)
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