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On the Same Date That the CIBC Advertised Rates of 2

Question 149

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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. How much would have to be initially invested in each GIC to have a maturity value of $20,000?

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