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Calculate the amount of interest earned in each year

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Reference no: EM133108648

Question - Your escalator rate GIC has annually compounded interest rates of 1.15%, 1.95%, 3.2%, 4.7%, and 6.6% in subsequent years. On a $15,140 investment, calculate the following:

a. Calculate the amount of interest earned in each year.

b. Calculate the annually compounded equivalent fixed rate.

Reference no: EM133108648

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