Multiple Choice
Use of Financial Calculator TI BA II Plus required. The CIBC offers a GIC at 8 percent compounded annually and TD Bank offers the same rate but it is compounded semi-annually. What will be the return in five years on each bank's GIC for a $1000 investment?
A) The CIBC GIC will earn $26.32 more in interest than the TD Bank GIC.
B) The CIBC GIC will earn $469.33 and the TD Bank GIC will earn $496.28.
C) The CIBC GIC will earn $469.33 and the TD Bank GIC will earn $480.24.
D) The CIBC GIC will earn $400 and the TD Bank GIC will earn $440.
Correct Answer:
Verified
Correct Answer:
Verified
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