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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
What periodic payment does Imran receive from a $100 000, 3-year, monthly payment GIC earning a nominal rate of 2.25% payable monthly?
A) $180.50
B) $187.50
C) $191.75
D) $185.50
E) $208.33
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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josanjosan
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#1
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6 years ago Edited: A year ago, bio_man
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More solutions for this book are available here
Present value = $100000

Interest rate per payment interval is:

i= 0.0225/12 = 0.001875

the peroidic payment will be:

PV * i= $100000 * 0.001875 = $187.50

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