Offering guaranteed investment certificates

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Reference no: EM131328302

Show Calculations and Formulas- You are saving to buy a $150,000 house. There are two competing banks in your area, both offering Guaranteed Investment Certificates (GIC's) yielding 5%. How long will it take your initial $83,000 investment to reach the desired level at F Bank, which pays simple interest? How long at S bank, which compounds the interest?

Reference no: EM131328302

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