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For investments of $5000 to $24,999, a bank quotes interest rate of 2.65% on 90-day GICs and 2.85% ...

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For investments of $5000 to $24,999, a bank quotes interest rate of 2.65% on 90-day GICs and 2.85% ...

For investments of $5000 to $24,999, a bank quotes interest rate of 2.65% on 90-day GICs and 2.85% on 180-day GICs. How much more interest will an investor earn by placing $15,000 in a 180-day GIC than by purchasing two consecutive 90-day GICs? (Assume that interest rates do not change over the next 90 days. Remember that interest earned from the first 90-day GIC can be invested in the second 90-day GIC.)

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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