A GIC pays 6% per annum. How long would it take $3000 to grow to $6000? (3 marks)
1 answer:
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Answer:
$76.5
Step-by-step explanation:
We have been given that inflation from last year to this year was 2% and a pair of designer jeans sold for $75 last year. We are asked to find the price of pair of designer jeans this year.
An inflation of 2% will increase the price of pair of jeans by 2%, so price of pair of jeans this year would be $75 plus 2% of $75.
Therefore, the price of pair of jeans would be $76.5 this year.