What Is the Term of a Compound-Interest Guaranteed Investment Certificate

question 113

Multiple Choice

What is the term of a compound-interest Guaranteed Investment Certificate if $8,500 invested at 6.1% compounded annually will earn interest totaling $4,365.50?

• A) 11.25 years
• B) 10.59 years
• C) 8.50 years
• D) 7.75 years
• E) 7.00 years

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Definitions:

Cuban Immigrants

People who have left Cuba to reside in another country, often for political, economic, or social reasons.

Assimilate

To integrate or adopt the cultural norms, values, and practices of another group, often referring to immigrants adapting to a new country.

Pro-Capitalist Values

Values and beliefs that support and promote the principles of capitalism, including private property, free markets, and profit motive.

Non-Hispanic White

A demographic group commonly identified in the United States encompassing individuals of European descent who do not identify as Hispanic or Latino.