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What is the minimum interest rate del monte

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Del Monte has $4,000 that he wishes to invest for the next two years.One- year GICs are currently paying 7 percent while two-year GICs are paying 10 percent compounded annually. Economist are predicting that interest rates will rise by the end of the year. What is the minimum interest rate Del Monte would need to make the one-year GIC better than the two-year GIC.(show your calculations)

Reference no: EM132473863

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