Saved The rates offered by a credit union for its non-redeemable 90- to 365-day GICs are shown in the following table: Deposit Amount $10,000 to $24,999 Rate 2.5% $25,000 to $59,999 $60,000 to $99,999 3.0% 3.2% Early redemption is permitted but will result in the rate being reduced to 1.75%. How much more interest will a 91-day $20,000 term deposit earn if it is held until maturity than if it is redeemed after 80 days? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Extra interest earned $ SA
Saved The rates offered by a credit union for its non-redeemable 90- to 365-day GICs are shown in the following table: Deposit Amount $10,000 to $24,999 Rate 2.5% $25,000 to $59,999 $60,000 to $99,999 3.0% 3.2% Early redemption is permitted but will result in the rate being reduced to 1.75%. How much more interest will a 91-day $20,000 term deposit earn if it is held until maturity than if it is redeemed after 80 days? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Extra interest earned $ SA
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Transcribed Image Text:Saved
The rates offered by a credit union for its non-redeemable 90- to 365-day GICs are shown in the following table:
Deposit Amount
$10,000 to $24,999
Rate
2.5%
$25,000 to $59,999
$60,000 to $99,999
3.0%
3.2%
Early redemption is permitted but will result in the rate being reduced to 1.75%.
How much more interest will a 91-day $20,000 term deposit earn if it is held until maturity than if it is redeemed after 80 days? (Use
365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.)
Extra interest earned
$
SA
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