Three years ago Mikhail invested $7000 in a three-year compound-interest GIC. He has just received its maturity

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Three years ago Mikhail invested $7000 in a three-year compound-interest GIC. He has just received its maturity value of $7321.99. What was the monthly compounded rate of interest on the GIC?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 05:39 AM

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Three years ago Mikhail invested $7000 in a three-year compound interest GIC. He has just received its maturity value of $7867.34. What was the monthly compounded rate of interest on the GIC?
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Three years ago Mikhail invested $7000 in a three-year compound-interest GIC. He has just received its maturity

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The GIC earned j mi 1201250 150 compound...View the full answer

Fundamentals Of Business Mathematics In Canada

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