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A bank offers a four-year "Escalating Rate GIC" on which the interest rate for year one is 3% ...

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A bank offers a four-year "Escalating Rate GIC" on which the interest rate for year one is 3% ...

A bank offers a four-year "Escalating Rate GIC" on which the interest rate for year one is 3% compounded annually, 4% compounded annually for year two, 5% compounded annually for the third year and 6% compounded annually for the fourth year. To the nearest dollar, determine the maturity value of a $100,000 four-year "Escalating Rate GIC".

▸ $116,794

▸ $117,251

▸ $118,704

▸ $118,933

▸ $119,225

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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mktrujillo Author

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Thanks

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Good timing, thanks!

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