1.\Zoe invested $5,500 in a GIC. She earns a semi-annual compound interest rate of 2% and is expected to have $6,015.27 at maturity. What is the term of the GIC in years and months?

I/Y

P/Y

N

PV

PMT

FV

2.What is the effective rate of interest on a credit card that calculates interest at a rate of 2.0% per month?

NOM

C/Y

EFF

3.Your local bank is offering a one year GIC that pays 7.5% compounded quarterly. What would be the minimum nominal rate you would accept for a GIC of the same maturity that is compounded semi-annually?

NOM

C/Y

EFF

Answer with a written statement: