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Johnie Gwinn invested $3,000 in a 3-year CD that paid 4% annual interest. When he withdrew $500 at the end of 2 years, his early withdrawal penalty was 6 month’s interest. What was the amount of the penalty?

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Johnie Gwinn invested $3,000 in a 3-year CD that paid 4% annual interest. When he withdrew $500 at the end of 2 years, his early withdrawal penalty was 6 month’s interest. What was the amount of the penalty?






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