A bank pays a simple interest rate of 4.1% on 30-day to 179-day GICs of at least $100,000. What is the effective annualized rate of return a. On a 40-day GIC? b. On a 160-day GIC?

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A bank pays a simple interest rate of 4.1% on 30-day to 179-day GICs of at least $100,000. What is the effective annualized rate of return
a. On a 40-day GIC?
b. On a 160-day GIC?
Related Book For answer-question

Business Mathematics In Canada

7th edition

Authors: Ernest Jerome

ISBN: 978-0070009899