A Few Years Ago Avtar Invested $6,000 in a Compound-Interest

question 247

Short Answer

A few years ago Avtar invested $6,000 in a compound-interest GIC that earned 4.5% compounded semiannually. He recently received the maturity value of $7,168.99. What was the term of the GIC?

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Definitions:

Flexibility

The ability to adapt to new, different, or changing requirements and situations with ease.

Originality

The quality of being novel and not derived from something else; creativity in thought or expression.

Janusian Thinking

A cognitive approach characterized by considering opposing ideas or concepts simultaneously, facilitating creative and innovative solutions.

Autonomy

The degree of freedom and independence an individual or unit has to make decisions and carry out actions within their role or responsibility.