1. Math
2. Prealgebra
3. if you withdraw part of your money from a certificate...

# Question: if you withdraw part of your money from a certificate...

###### Question details

If you withdraw part of your money from a certificate of deposit before the date of maturity, you must pay an interest penalty. Suppose you invested $7000 in a one-year certificate of deposit paying 8.6% interest. After 6 months, you decide to withdraw$7000. Your interest penalty is 3 months simple interest on the \$7000. What interest penalty do you pay? (Round your answer to two decimal places.)