Mrs. Sandhu placed $11,500 in a 4-year compound-interest GIC earning 3.75% compounded monthly. What is the GIC's maturity value?

Compound-interest

Interest calculated on the initial principal and also on the accumulated interest of previous periods.

GIC

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period, often issued by banks or trust companies.

Maturity Value

The sum of money an investor receives at the conclusion of a fixed-term investment, which encompasses both the original investment and the earned interest.