You have purchased a guaranteed investment contract (GIC) from an insurance firm that promises to pay you a 5% compound rate of return per year for 6 years. If you pay $10,000 for the GIC today and receive no interest along the way, you will get ________ in 6 years (to the nearest dollar) .
A) $12,565
B) $13,000
C) $13,401
D) $13,676
Correct Answer:
Verified
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