Interest rates were at historical highs in the early 1980s. In August of 1981, you could earn
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Interest rates were at historical highs in the early 1980s. In August of 1981, you could earn 17.5% compounded annually on a 5-year term deposit with a Canadian bank. Since then, the interest rate offered on 5-year term deposits has dropped dramatically. In February 2016, for example, major Canadian banks were offering 1.25% compounded annually on a 5-year tam deposit. On a $10,000 deposit for a term of 5 years, how much more would you have earned at the historical high interest rate than at the more recent low rate?
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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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