Marvin Has a Five-Year GIC Which Has a Maturity Value

question 134

Multiple Choice

Marvin has a five-year GIC which has a maturity value of $88,206.38. The GIC is accumulating at 6.2% compounded semi-annually. What is the principal of the GIC?

• A) $30,000
• B) $65,000
• C) $47,500
• D) $48,335
• E) $70,000

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