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Marvin Has a Five-Year GIC Which Has a Maturity Value

Question 70

Multiple Choice

Marvin has a five-year GIC which has a maturity value of $88,206.38. The GIC is accumulating at 6.2% compounded semi-annually. What is the principal of the GIC?


A) $30,000
B) $65,000
C) $47,500
D) $48,335
E) $70,000

Correct Answer:

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