You invest $8000 in a floating rate guaranteed investment certificate. For the first 24 months you earn

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You invest $8000 in a floating rate guaranteed investment certificate. For the first 24 months you earn 6% compounded semi-annually. For the next 6 months you earn 12% compounded monthly. What is the maturity value of the certificate?

A) $9558.02

B) $9888.00

C) $9558.00

D) $9585.00

E) $8558.00

Related Book For answer-question

Basic Finance An Introduction to Financial Institutions Investments and Management

ISBN: 978-1111820633

10th edition

Authors: Herbert B. Mayo

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Posted Date: Oct 21, 2020 07:03 PM

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You invest $8000 in a floating rate guaranteed investment certificate. For the first 24 months you earn

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The following compound interest formula is used to ... View the full answer

Basic Finance An Introduction to Financial Institutions Investments and Management

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