Oswald Has a Five-Year Compound Interest GIC

question 197

Multiple Choice

Oswald has a five-year compound interest GIC. Its interest rate is 7.2% compounded monthly and its maturity value will be $76,243. How much interest will he have earned over the five-year term?

• A) $49,500
• B) $53,250
• C) $26,743
• D) $22,993
• E) $19,243

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