Carolyn owns a 5-year GIC where she earns 4.0% in the first year, 4.5% in the second

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Carolyn owns a 5-year GIC where she earns 4.0% in the first year, 4.5% in the second year, 5.0% in third year, 5.5% in the fourth year and 6.0% in the fifth year. What type of GIC does she hold?

a) equity linked GIC

b) standard GIC

c) escalator GIC

d) interest rate linked GIC

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Nov 13, 2023 04:58 AM

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Carolyn owns a 5-year GIC where she earns 4.0% in the first year, 4.5% in the second

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Based on the given information Carolyns GIC has a progressively increasing interest ra... View the full answer

Income Tax Fundamentals 2013

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