On the Same Date That the CIBC Advertised Rates of 2

Short Answer

On the same date that the CIBC advertised rates of 2%, 2.5%, 3%, 3.25%, and 7% in successive years of its five-year compound-interest Escalating Rate GIC, it offered 2.75% compounded annually on its five-year fixed-rate GIC. Calculate the interest earned in the fourth year from a $10,000 investment in each GIC.