Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of interest on the amount withdrawn, how much of a penalty did Tony pay? a. $5.70 b. $22.80 c. $60.30 d. $66.00

March 31, 2020// Blog//