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A $50,000 GIC Will Earn $70,000 of Interest Over Its

Question 120

Multiple Choice

A $50,000 GIC will earn $70,000 of interest over its 10-year term. What is the monthly compounded nominal rate of interest?

A) 7.32%
B) 9.15%
C) 3.37%
D) 8.79%
E) 3.42%

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