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Western Financial offers a three-year compound interest GIC earning rates of 0.5%, 0.75% and 1% in successive years. CIBC offers a similar GIC paying
Western Financial offers a three-year compound interest GIC earning rates of 0.5%, 0.75% and 1% in successive years. CIBC offers a similar GIC paying rates of 0.75%, 0.75% and .90% in successive years. For a $1,000 investment, which GIC will have the greater maturity value after five years? How much greater? O CIBC will offer an extra $1.53 O Western will offer an extra $1.98 O CIBC will offer an extra $2.45 O CIBC will offer an extra $3.53 O Western will offer an extra $1.53
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