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Home Q & A Board Science-Related Homework Help Mathematics
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rosenrot rosenrot
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A year ago
For principal amounts of $5000 to $49,999, a bank pays an interest rate of 2.95% on 180- to 269-day non-redeemable GICs, and 3.00% on 270- to 364-day non-redeemable GICs. Ranjit has $10,000 to invest for 364 days. Because he thinks interest rates will be higher six months from now, he is debating whether to choose a 182-day GIC now (and reinvest its maturity value in another 182-day GIC) or to choose a 364-day GIC today. What would the interest rate on 182-day GICs have to be on the reinvestment date for both alternatives to yield the same maturity value 364 days from now? Round to the nearest 0.01%
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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mr.pogimr.pogi
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A year ago
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rosenrot Author
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A year ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Harvinder
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Yesterday
this is exactly what I needed
gma_of_7
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2 hours ago
You make an excellent tutor!
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