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You bought $ 5 , 0 0 0 worth of mutual funds with a redemption fee of 5 percent. If you sell within the first

You bought $

5, 000

worth of mutual funds with a redemption fee of

5

percent. If you sell within the first year you will be charged

5 % .

The fee decreases

1

percent each year afterward. If you sell during the third year, how much will be the redemption fee rate?DO NOT INCLUDE PERCENTAGE SIGN.

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