Your escalator rate GIC has annually compounded interest rates of 1.15%, 1.95%, 3.2%, 4.7%, and 6.6% in
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Question:
Your escalator rate GIC has annually compounded interest rates of 1.15%, 1.95%, 3.2%, 4.7%, and 6.6% in subsequent years. On a $15,140 investment, calculate the following:
a. The amount of interest earned in each year.
b. The annually compounded equivalent fixed rate.
Expert Answer:
Answer a For first year Present value P 15140 Interest rate r 115 00115 Time n 1 Future value P 1 rn ... View the full answer
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