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What amount did cathy invest six months ago

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Problem 1: What amount did Cathy invest 6 months ago that will give her $6,492.45 3 years from today? Her investment pays 3.5% compounded semi-annually. Round to the nearest dollar.

Problem 2: Your local bank is offering a one year GIC that pays 5% compounded monthly. What would be the minimum nominal rate you would accept for a GIC of the same maturity that is compounded quarterly? Round to 2 places after the decimal do not include %.

Reference no: EM132806479

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