Show that the two ordered pairs are solutions to the given equation. Then use the graph of the two points to determine another solution. Answers may vary.
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Definitions:
Escalating Rate GIC
A Guaranteed Investment Certificate (GIC) where the interest rate increases at set intervals over the term of the investment.
Compounded Annually
A method of calculating interest where the interest is added to the principal at the end of each year, leading to compound growth.
Interest
The cost of borrowing money, where borrowers pay a fee to the lender for the money borrowed, typically expressed as a percentage of the principal.
Total Interest Owed
The cumulative amount of interest one must pay on a loan over its duration.
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