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Sindhu invested $10,000 in a six-month GIC at Laurentian Bank of Canada. The simple interest rate ...

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Sindhu invested $10,000 in a six-month GIC at Laurentian Bank of Canada. The simple interest rate ...

Sindhu invested $10,000 in a six-month GIC at Laurentian Bank of Canada. The simple interest rate was 1.2%. Sindhu then invested the original principal and interest in a six-month high interest savings account at CIBC, earning a simple interest rate of 1.1928%. How much interest was earned at each institution?

▸ $60 at Laurentian
50 at CIBC

▸ $60 at Laurentian
$60 at CIBC

▸ $60 at Laurentian
$65 at CIBC

▸ $50 at Laurentian
$50 at CIBC

▸ $55 at Laurentian
$50 at CIBC

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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