Question
You have purchased a guaranteed investment contract (GIC) from an insurance firm that promises to pay you a 7% compound rate of return per year
You have purchased a guaranteed investment contract (GIC) from an insurance firm that promises to pay you a 7% compound rate of return per year for 7 years. If you pay $15,000 for the GIC today and receive no interest along the way, you will get __________ in 7 years (to the nearest dollar).
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$22,350
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$24,500
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$24,087
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$22,511
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Investing In Fixed Income Securities Understanding The Bond Market
Authors: Gary Strumeyer
1st Edition
0471465127, 9780471465126
