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QUESTION
Adam invested $12,000 in a six-year CD that paid 7.1% interest, but later needed to withdraw $2,500 early. If the CD’s penalty for early withdrawal was eighteen months’ worth of interest on the am
Adam invested $12,000 in a six-year CD that paid 7.1% interest, but later needed to withdraw $2,500 early. If the CD’s penalty for early withdrawal was eighteen months’ worth of interest on the amount withdrawn, how much of a penalty did Adam pay? a. $138.89 b. $177.50 c. $266.25 d. $319.50
