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1 Karen holds two $ 8 7 5 ) Guaranteed Investment Certificates ( GICs ) earning 7 . 3 % for 3 years. The interest

1

Karen holds two $

875)

Guaranteed Investment Certificates

(

GICs

)

earning

7.3 %

for

3

years.

The interest on GICA is compounded quarterly.

The interest on GIC B is compounded monthly.

)

Determine the total interest earned by each GIC at maturity.

GICA:

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