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Investment???

August 25th, 2010

Joanna decided to invest the 0 that she had received as graduation presents. She earned 6% interest comounded monthly. How much interest did she earn with this investment after 3 years?

a) .54
b)
c) .34
d) 7.54
e) 8.34

If you invest 00 for 4 years in each of the following Guaranteed Investment Certificate (GICs), how much greater are your earnings with the best one than with the worst one?

1. 9% compounded annually.
2. 8.75% compounded quarterly
3. 8.5% compounded daily

a) .14
b) .69
c) .83
d) .04
e) .73