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Which of the following statements best defines social change?
Compounded Quarterly
Interest calculation method where the interest is added to the principal four times a year, enhancing the effect of compounding over time.
Effective Annual Rate
The interest rate on an investment or loan, calculated annually, that takes into account the effects of compounding.
Simple Interest
Interest calculated only on the original principal and paid only at the maturity date.
GICs
Guaranteed Investment Certificates, a type of Canadian investment that offers a guaranteed rate of return over a fixed period.
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