Lainey puts $600 into a GIC for 5 years. The GIC pays 6.2% interest, compounded monthly. How much interest has she earned after
5 years?
1 answer:
Answer:
FV= $819.03
Step-by-step explanation:
Giving the following information:
Initial investment= $600
Number of periods= 5*12= 60 months
Interest rate= 0.062/12= 0.0052
<u>To calculate the future value of the investment, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 600*(1.0052^60)
FV= $819.03
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