Use of Financial Calculator TI BA II Plus Required

question 102

Multiple Choice

Use of Financial Calculator TI BA II Plus required. The CIBC offers a GIC at 8 percent compounded annually and TD Bank offers the same rate but it is compounded semi-annually. What will be the return in five years on each bank's GIC for a $1000 investment?

• A)The CIBC GIC will earn $26.32 more in interest than the TD Bank GIC.
• B)The CIBC GIC will earn $469.33 and the TD Bank GIC will earn $496.28.
• C)The CIBC GIC will earn $469.33 and the TD Bank GIC will earn $480.24.
• D)The CIBC GIC will earn $400 and the TD Bank GIC will earn $440.

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Definitions:

Frederick Douglass

An African American social reformer, abolitionist, orator, writer, and statesman who escaped from slavery and became a leader of the abolitionist movement, advocating for the rights of African Americans.

Plantation Field Work

Labor performed on plantations, typically involving the cultivation and harvesting of crops like cotton, tobacco, and sugar by enslaved Africans and African Americans in the pre-Civil War United States.

Peculiar Institution

A euphemism once used to refer to the American system of slavery, especially in the antebellum South, highlighting its distinctive and controversial nature.

Economic Drain

A situation where wealth or resources are transferred out of an economy, often due to unfavorable trade balances, colonial exploitation, or remittances.