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Cameron invested $100,000 in a five-year, 6.2% compound GIC on August 7th of last year. On what method and when will Cameron have to report
Cameron invested $100,000 in a five-year, 6.2% compound GIC on August 7th of last year. On what method and when will Cameron have to report the interest income he has eared or accrued? a) based on the cash method, when Cameron actually receives an interest payment b) based on the annual accrual method, this year for the interest income earned up to August 6th of this year c) based on the triennial accrual method, in two years for the interest income earned during the first three years of the investment d) on maturity in four years
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