Scott had bought a 5-year $5,000 step-up GIC (Guaranteed Investment Certificate). The initial interest rate was 3% compounded monthly and, after a certain period of time, it was changed to 4% compounded monthly. At the end of the 5-year term Scott received $5,939.85. How long (in years and months) after the beginning of the term was the interest rate changed? (3 marks)

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To solve this problem we need to find the time when the interest rate was chan... View the full answer