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 6 years. If you pay $15,000 for the GIC today and receive no interest along the way, you will get __________ in 6 years (to the nearest dollar).
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Financial Markets And Institutions An Introduction To Risk Management Approach
Authors: Anthony Saunders, Marcia Cornett
3rd Edition
0073250937, 9780073250939
