Penalty for withdrawing funds before the maturity date

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Reference no: EM132069816

A certificate of deposit often charges a penalty for withdrawing funds before the maturity date. If the penalty involves two months of interest, what would be the amount for early withdrawal on a $34,000, 5 percent CD? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Early withdrawal penalty $

Reference no: EM132069816

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