Paul has $20,000 to invest for six months. For this amount, his bank pays 3.3% on a

Question:

Paul has $20,000 to invest for six months. For this amount, his bank pays 3.3% on a 90-day GIC and 3.5% on a 180-day GIC. If the interest rate on a 90-day GIC is the same three months from now, how much more interest will Paul earn by purchasing the 180-day GIC than by buying a 90-day GIC and then reinvesting its maturity value in a second 90-day GIC?
Maturity Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...

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