Asked by ARIELA FERMIN GARCIA on Jun 15, 2024
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Colby inherited a small savings-bond portfolio consisting of four $1,000 face-value Canada Savings Bonds and six $1,000 face-value Ontario Savings Bonds. In the first year, the portfolio earned $438 interest. At the end of the first year, Colby cashed in one of the Canada Savings Bonds and two of the Ontario Savings Bonds. In the following year, the remaining bonds earned $306 interest. What annual rate of interest did each type of bond earn?
Savings-Bond Portfolio
A collection of savings bonds held by an individual or entity, often used as a low-risk investment strategy.
Ontario Savings Bonds
Debt securities issued by the Province of Ontario, offering investors a fixed return over a specific period.
Canada Savings Bonds
A type of savings bond issued by the Government of Canada, offering a fixed interest rate over a certain period.
- Utilize percentage calculations to evaluate financial fluctuations, such as growth, reductions, and interest rates.
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EI
Learning Objectives
- Utilize percentage calculations to evaluate financial fluctuations, such as growth, reductions, and interest rates.