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At the age of 30, Jasmine started a retirement account with $50,000 which compounded interest semi-annually with an APR of 4%. She made no further deposits. After 25 years, she decided to withdraw 50% of what had accumulated in the account so that she could con- tribute towards her grandchild s college education. She had to pay a 10% penalty on the early withdrawal. What was her penalty? |
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