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5. You win a small prize of $1000 in a radio contest. You consider putting the money in a guaranteed income certificate (GIC) offered by
5. You win a small prize of $1000 in a radio contest. You consider putting the money in a guaranteed income certificate (GIC) offered by a bank. The GIC offers you 3% interest for 20 years. If you decide to go ahead and put the money in the GIC, how much money will you receive when the GIC matures? 6. Interest rates for the upcoming 20 years hover at 3%. Reconsider your radio prize (Q5) and the amount you have after the GIC matures. What is the amount worth in present value dollars. Be sure to show your work (as usual). 10. Bonus Question*: Based your answers regarding your radio prize (Q5 and 26), what would you say the relationship between PV and FV is
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