Both Fatima and Raminder purchased a $26 000 GIC. Fatima's GIC has a term of...
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Both Fatima and Raminder purchased a $26 000 GIC. • Fatima's GIC has a term of 13 years and a simple interest rate of 1.7%. Raminder's GIC has a term of 12 years at a simple interest rate of 2%. Whose GIC will have the greater future value at maturity? Explain. Show your work. . Both Fatima and Raminder purchased a $26 000 GIC. • Fatima's GIC has a term of 13 years and a simple interest rate of 1.7%. Raminder's GIC has a term of 12 years at a simple interest rate of 2%. Whose GIC will have the greater future value at maturity? Explain. Show your work. .
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To calculate the future value of the GIC for both Fatima and Raminder we can use the formula for sim... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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