$(1$ point$)($Exercise $2\mathrm{.}24)$ The ABC Bank has an early withdrawal policy for certificates of deposit

$($CDs$)$ which states that interest still be credited for the entire length the money actually stays with

the bank, but the CD nominal interest rate for last $k$ months will be reduced by $1\mathrm{.}9\%,$ where

$k=($number of months of full term$)-($actual number of months$)$

An incoming college freshman invests $$6000$ in a two$-$year CD with a nominal rate of interest equal

to $7\%$ compounded monthly on September $1$ at the beginning of the freshman year. The student

intended to leave the money on deposit for the full two$-$year term to help finance the junior and

senior years. but finds the need to withdraw it on July $1$ of the sophomore year. Find the amount

that the student will receive for the $CD$ on that date.

ANSWER $=$$