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Find the net decrease in his yearly income

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Reference no: EM131555869

Question: Paul is a retiree living on Social Security and the income from his investment. Currently, his $100,000 investment in a 1-yr CD is yielding 4.6% interest compounded daily. If he reinvests the principal ($100,000) on the due date of the CD in another 1-yr CD paying 3.2% interest compounded daily, find the net decrease in his yearly income from his investment.

Reference no: EM131555869

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