Asked by Bryan Flores on May 16, 2024
Verified
Kristina can invest in a two-year GIC for 5.85% compounded monthly or 6% compounded annually. Which option pays the most interest? Support your answer with calculations.
Compounded Monthly
An approach to interest calculation conducted every month, including both the initially loaned or deposited sum and the cumulatively gained interest from former periods.
- Identify the highest yielding investment opportunity when comparing various interest rates and compounding intervals.
Verified Answer
TN
Learning Objectives
- Identify the highest yielding investment opportunity when comparing various interest rates and compounding intervals.
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