Question: Application 1. Michael and his two brothers plan to send their parents on a $10 000 vacation for their wedding anniversary 8 years from now.

Application 1. Michael and his two brothers plan to send their parents on a $10 000 vacation for their wedding anniversary 8 years from now. He would like to invest money today in a GIC term deposit earning 7.25%/a compounded semi- annually and split the cost of its purchase with his two brothers. How much will each person contribute toward the purchase of the GIC? (4 marks)

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