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Three years ago, Jack purchased a $5,600, 3% compounded annually, 5-year CD with all interest reinvested. Suppose interest rates on 2-year CDs are now 4%.

Three years ago, Jack purchased a $5,600, 3% compounded annually, 5-year CD with all interest reinvested. Suppose interest rates on 2-year CDs are now 4%. If there is a 12-month interest penalty on the original principal for early withdrawal, then Jack will __(gain or lose)_($?)__ in two years from early withdrawal and purchase of the new CD.

please list the calculation procedure

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