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What Regular Interest Payment Will Grandmamma Receive from a Seven-Year

Question 92

Multiple Choice

What regular interest payment will Grandmamma receive from a seven-year, $1,750,000 monthly payment GIC earning a nominal rate of 5.4% compounded monthly?


A) $30,378
B) $21,767
C) $9,544
D) $7,875
E) $6,450

Correct Answer:

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