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A Six-Year, $20,000 GIC Has a Maturity Value of $29,625

Question 125

Multiple Choice

A six-year, $20,000 GIC has a maturity value of $29,625. Calculate the semi-annually compounded nominal interest rate.

A) 6.77%
B) 6.66%
C) 4.23%
D) 6.94%
E) 5.44%

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