A credit unions Rate-Climber GIC pays rates of 4%, 5%, and 6% compounded semiannually in successive years
Question:
a. What will be the maturity value of $12,000 invested in this GIC?
b. How much interest will be earned in the second year?
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a Maturity value PV 1 i 1 2 1 i 2 2 1 i 3 2 ...View the full answer
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Kirti Kaushal
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