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What Is the Term of a Compound-Interest Guaranteed Investment Certificate

Question 113

Multiple Choice

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:

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