A credit union's Rate-Climber pays rates of 4%, 5%, and 6% compounded semi-annually in successive years of a 3-year term.
a) What will be the maturity value of $12,000 invested in this GIC?
b) How much interest will be earned in the second year?

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The Answer of A credit union's Rate-Climber pays rates of 4%, 5%, and 6% compounded semi-annually in successive years of a 3-year term.
a) What will be the maturity value of $12,000 invested in this GIC?
b) How much interest will be earned in the second year?

A Credit Union's Rate-Climber Pays Rates of 4%, 5%, and 6