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booboo123 booboo123
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3 months ago
A bank pays a simple interest rate of 4.1% on 30 to 179-day GICs of at least $100,000. What is the effective annualized rate of return:

a) On a 40-day GIC?
b) On a 160-day GIC?

Calculate percentages accurate to the nearest 0.01%.

▸ a) 4.24%
b) 4.15%

▸ a) 4.18%
b) 4.51%

▸ a) 4.18%
b) 4.15%

▸ a) 4.81%
b) 4.15%

▸ a) 4.78%
b) 4.51%
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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kpot15kpot15
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3 months ago
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More solutions for this book are available here
a) 4.18%
b) 4.15%

1

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booboo123 Author
wrote...

3 months ago
this is exactly what I needed
wrote...

Yesterday
Thanks for your help!!
wrote...

2 hours ago
Helped a lot
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