The following is an advertisement for CIBC Escalating Rate Guaranteed Investment Cenificates

$($GICs$)$ taken from the Globe & Mail.

Required:

If you were to invest $$1,000$ in oa CIBC Escalating Rate GIC today, earned the indicated rates of

interest in each year and held it for the full five year term and left your annual interest earned ro

invested in the GIC what would be your annual, average, compound rate of return?

Take your final answer to AT LEAST $4$ decimal places.

Show your work, not just answer to get full marks.

It's worth a talk.

A secure investment with guaranteed growth. Your interest rate increases each year!

CIBC Escalating Rate GICs