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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Definitions:

Red-Circled

A term used to describe employees who are paid above the maximum salary range for their position due to various reasons, such as skills or experience.

Minimum Pay

The lowest amount of remuneration that employers can legally pay their workers; also known as minimum wage.

Blue-Circled

A term often used to describe employees whose pay exceeds the maximum of their pay range, typically due to a pay structure adjustment or job reclassification.

Expatriate Employees

Workers who are residing and working in a country other than their native country, often for international companies.