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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Definitions:

Scientific Management

A theory of management that analyzes and synthesizes workflows, aiming to improve economic efficiency, especially labor productivity.

Human Relations

An area of management practice focusing on improving worker productivity through better interpersonal interactions and understanding of human behavior in the workplace.

Part-Time Work

Employment that does not provide the full number of hours considered standard or full-time in a given industry, typically involving fewer hours per week.

Taylorism

A management theory emphasizing efficiency, by systematically organizing tasks and breaking them down into small, simple steps.