Investment?
Joanna decided to invest the $500 that she had received as graduation presents. She earned 6% interest comounded monthly. How much interest did she earn with this investment after 3 years?
a) $7.54
b) $90
c) $98.34
d) $507.54
e) $598.34
If you invest $1000 for 4 years in each of the following Guaranteed Investment Certificate (GICs), how much greater are your earnings with the best one than with the worst one?
1. 9% compounded annually.
2. 8.75% compounded quarterly
3. 8.5% compounded daily
a) $2.14
b) $6.69
c) $8.83
d) $16.04
e) $22.73
By: x98_sceptre
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Filed under Mathematics by on Sep 4th, 2010. 