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Guaranteed investment certificates

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Samara Banks, 35, has set a goal of having $1,500,000 by the time she retires in 30 years. She plans to achieve this by saving $5,500 per year, which she will invest in Guaranteed Investment Certificates (GICs) at the end of each year. The GICs are expected to generate an average return of 10% for the next 30 years. Disregarding taxes, will she achieve her goal? If not, what can she do in order to reach her goal?

Reference no: EM133272832

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