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Kelly is planning to renovate her basement. She decides to invest $ 1 5 , 0 0 0 in a GIC at 7 . 2

Kelly is planning to renovate her basement. She decides to invest $15,000 in a GIC at 7.2%,compounded annually, but also depositing $150 per month for 3 years into a savingsaccount at 5.9%, compounded monthly. How much will she have in total for the basementrenovation in 3 years? If the renovation will cost $27,000 how much extra will she need tosave per month? Use the Financial Calculator for this Problem. (6 marks

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