On the same date that the Alberta Treasury Branches were advertising rates of 2.25%, 3%, 3.75%, 4.5%,

Question:

On the same date that the Alberta Treasury Branches were advertising rates of 2.25%, 3%, 3.75%, 4.5%, and 6.5% in successive years of their five-year compound-interest Springboard GIC, they offered 3.5% compounded annually on their five-year fixed-rate compound-interest GIC.
a. What will be the maturity values of $10,000 invested in each GIC?
b. How much interest will each GIC earn in the third year?

Fantastic news! We've Found the answer you've been seeking!