A Financial Institution Pays a Simple Interest Rate of 6

question 264

Short Answer

A financial institution pays a simple interest rate of 6.7% on 30 to 179-day GICs of at least $100,000. What is the effective annualized rate of return:
a) On a 40-day GIC?
b) On a 160-day GIC?

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Definitions:

Social Construction

The theory that aspects of our reality and knowledge are not inherently natural but rather constructed by society.

Science and Technology

Refers to the fields that deal with the systematic study of the physical and natural world through observation and experiment, and the application of scientific knowledge for practical purposes, respectively.

Sociology

The scientific study of society, including patterns of social relationships, social interaction, and culture.

Queer Theory

An approach in critical theory that challenges conventional views on gender and sexuality, advocating for the deconstruction of traditional identity categories.