What is the term of a compound-interest Guaranteed Investment Certificate if $8,500 invested at 6.1% compounded annually will earn interest totaling $4,365.50?
A) 11.25 years
B) 10.59 years
C) 8.50 years
D) 7.75 years
E) 7.00 years
Correct Answer:
Verified
Q15: The Wilsons bought their home 16 years
Q16: Rounded to the nearest month, how long
Q17: What amount invested at 10% compounded semiannually
Q18: Seven years before it matures the value
Q19: At 14% compounded annually, an investment of
Q21: Pat and Jaimie are twins. They will
Q22: Smoking among young adults has decreased by
Q23: A 30-year, Government of Canada $10,000 strip
Q24: A $6300 face-value investment earning interest at
Q25: Manuel begins investing $700 per month for
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents