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:

Working Phase Task

A specific activity or objective to be accomplished during the active phase of a project, therapy, or process.

Adlerian Approach

A psychological perspective that emphasizes the importance of childhood experiences, feelings of inferiority, and the individual's striving for superiority or success.

Basic Mistake Assumptions

Inferred beliefs based on early experiences, often subconscious, that lead to patterns of faulty thinking and behavior; critical in cognitive-therapy contexts for identifying and modifying such assumptions.

Initial Phase

The beginning stage or phases of a process, project, therapy, or any activity, often marked by planning, introduction, and preliminary adjustments.