Calculation Of Simple Interest For Bank Deposits

Question

For investments of $5000 to $24,999, a bank quotes interest rates of 5.75% simple interest on 90 day GIC’s and 6% simple interest on 180 day GICs. How much more interest will and investor earn by placing $15,000 in a 180 day GIC than by purchasing two consecutive 90 day GICs? Assume that interest rates do not change over the next 90 days and that interest earned from the first 90 day GIC will be invested in the second 90 day GIC.

Summary

The question belongs to Mathematics and it discusses about calculation of simple interest rates of a bank on deposits with time limit.

Total Word Count NA

Download Full Solution

Comments

  • HWA
    Rasha

    this is a very good website

  • HWA
    maani

    I have 50 questions for the same test your page is showing only 28

  • HWA
    joeanne

    hi can you please help or guide me to answer my assignments. thanks

  • HWA
    joeanne

    hi can anyone help or guide me to my assignments. thanks

  • HWA
    Monik


  • HWA
    Cristina

    This solution is perfect ...thanks

  • HWA
    Janete

    Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes

  • HWA
    Sandeep

    Perfect bank of solution. 

  • HWA
    Oxana

    great !

  • HWA
    Paul Brandon-Fritzius

    thanks for the quick response. the solution looks good. :)

  • HWA
    tina Johnson

    thnx for the answer. it was perfect. just the way i wanted it. 

  • HWA
    Giuseppe

    works fine.