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On a $10,000 principal investment, a bank offered interest rate of 3.45% on 270- to 364-day GIC's ...

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On a $10,000 principal investment, a bank offered interest rate of 3.45% on 270- to 364-day GIC's ...

On a $10,000 principal investment, a bank offered interest rate of 3.45% on 270- to 364-day GIC's and 3.15% on 180- to 269-day GICs. How much more will an investor earn from a 364-day GIC than from two consecutive 182-day GICs? (Assume that the interest rate on 180- to 269-day GICs will be the same on the renewal date as it is today. Remember that both the principal and the interest from the first 182-day GIC can be invested in the second 182-day GIC.)

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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