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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

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?

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