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Retirement tax questions
So the third party actually has the account or what? When you are to withdraw the funds, somebody - either the CU or the third party - has to know what they're doing.
If not, you can take a swing at estimating the earnings (since they will be so small).
1. 2% APR is .0055% per day (assuming 365 days a year) - 2% divided by 365
2. $6,000 times .000055 (.0055% is .000055) is equal to 0.33 per day
2. Earnings for 12 days is $3.96 (.33 per day times 12 days).
Since the account is earning 2% APR, this is more or less correct - if would be different if it were an investment account.
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March 19, 2024
7:08 PM