Asked by thomas hennessy on May 09, 2024
Verified
$5,000 invested in a GIC earning 3.7% compounded semiannually earned interest of $789.73.What was the term of the GIC?
Compounded Semiannually
Interest calculation method where the interest rate is applied twice a year, resulting in interest on interest being added to the principal.
- Determine the period needed for an investment to achieve a particular value with compound interest application.
Verified Answer
JF
Learning Objectives
- Determine the period needed for an investment to achieve a particular value with compound interest application.