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A 4-Month Guaranteed Investment Certificate with a Face Value of $55,000

Question 34

Multiple Choice

A 4-month Guaranteed Investment Certificate with a face value of $55,000 will have a maturity value of $56,100. What simple annual interest rate is it carrying?


A) 6.00%
B) 10.20%
C) 2.00%
D) 8.00%
E) 20.00%

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