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A Certificate of Deposit (CD) pays a fixed APY over a set term. Interest compounds monthly. At maturity you receive principal plus accumulated interest.
Review the inputs carefully and treat the output as an estimate. For decisions involving money, taxes, health, law, or security, compare the result with trusted professional guidance when needed.
What is APY?
APY (Annual Percentage Yield) is the effective annual rate after accounting for compounding. It is slightly higher than the stated annual rate when compounding monthly.
Can I withdraw early?
Early withdrawal usually incurs a penalty, often forfeiting a portion of interest earned. Check your institution's terms before opening a CD.
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