Paul has $20,000 to invest for six months. For this amount, his bank pays 1.3% on a
Question:
Paul has $20,000 to invest for six months. For this amount, his bank pays 1.3% on a 90-day GIC and 1.5% 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?
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Therefore Paul will earn 2014795 2012843 1952 more by pu...View the full answer
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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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