Question
You have purchased a guaranteed investment contract (GIC) from an insurance firm that promises to pay you a 6% compound rate of return per year
You have purchased a guaranteed investment contract (GIC) from an insurance firm that promises to pay you a 6% compound rate of return per year for 5 years. If you pay $10,000 for the GIC today and receive no interest along the way, you will get __________ in 5 years (to the nearest dollar).
Multiple Choice
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$13,000
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$13,401
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$13,382
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$12,625
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Venture Capital And The Finance Of Innovation
Authors: Andrew Metrick, Ayako Yasuda
3rd Edition
1119490111, 978-1119490111
