A bank offers a guaranteed investment certificate (GIC) in which the interest rate is 0.5% in the
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A bank offers a guaranteed investment certificate (GIC) in which the interest rate is 0.5% in the first year, 1.2% in the second year, and 2.3% in the third year. Investors can withdraw their money at any time, but the increasing interest rate provides an incentive to keep the money invested. What is the average rate of interest over the three years?
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Related Book For 
Business Statistics
ISBN: 9780133899122
3rd Canadian Edition
Authors: Norean D. Sharpe, Richard D. De Veaux, Paul F. Velleman, David Wright
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