Three Years Ago Mikhail Invested $7,000 in a Three-Year Compound

question 301

Short Answer

Three years ago Mikhail invested $7,000 in a three-year compound interest GIC. He has just received its maturity value of $7,867.34. What was the monthly compounded rate of interest on the GIC?

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Definitions:

Compromising Style

A conflict resolution approach where parties find a mutually acceptable solution that partially satisfies both sides, often involving concessions.

Assertiveness

The quality of being self-assured and confident without being aggressive, allowing for the expression of one's views and needs directly and respectfully.

Cooperativeness

The willingness of an individual or group to work together with others for a common goal or benefit.

Locus of Control

A psychological concept that refers to individuals' beliefs about the extent to which they have control over the events that affect their lives.