A bank pays a simple interest rate of 4.1% on 30-day to 179-day GICs of at least

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A bank pays a simple interest rate of 4.1% on 30-day to 179-day GICs of at least $100,000. What is the effective annualized rate of return
a. On a 40-day GIC?
b. On a 160-day GIC?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Sep 21, 2024 08:02 AM

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A bank pays a simple interest rate of 4.1% on 30-day to 179-day GICs of at least $100,000. What is the effective annualized rate of return a. On a 40-day GIC? b. On a 160-day GIC?
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A bank pays a simple interest rate of 4.1% on 30-day to 179-day GICs of at least

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a Holdingperiod return 40 days 365days 41 044...View the full answer

Business Mathematics In Canada

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