Question
You have purchased a Guaranteed Investment contracts (GICs) from an insurance firm that promises to pay you a 5% compound rate of return per year
You have purchased a Guaranteed Investment contracts (GICs) from an insurance firm that promises to pay you a 5% compound rate of return per year for 6 years. If you pay $10,000 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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Capital Markets Institutions And Instruments
Authors: Frank J. Fabozzi, Franco Modigliani
2nd Edition
0133001873, 978133001877
