A credit union's Rate-Climber GIC pays rates of 2%, 3%, and 4% compounded semiannually in successive years
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A credit union's Rate-Climber GIC pays rates of 2%, 3%, and 4% compounded semiannually in successive years of a three-gear term.
a. What will be the maturity value of $12,000 invested in this GIC?
b. How much interest will be earned in the second year?
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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