Sufen can take his $1000 income tax refund and invest it in a three-year GIC at 5

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Sufen can take his $1000 income tax refund and invest it in a three-year GIC at 5 percent interest compounded quarterly, or he can use the money to purchase a stereo system and put $30 a month in a bank savings account that will pay him 4 percent interest compounded daily. Which choice will give him more money at the end of three years?
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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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