SOLUTION: Anna also wants to travel after graduation but she isn�t working while in school so she won�t be able to put money aside regularly. However, her grandmother gave her the generous

Question 1065813: Anna also wants to travel after graduation but she isn�t working while in school so she won�t be able to put money aside regularly. However, her grandmother gave her the generous gift of $1000 for her birthday and suggested she invest it in a GIC because it�s low risk. She shopped around and found a 4 year GIC investment that earns 2.2% interest compounded annually. How much will Anna have at the end of her four year investment?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This will be
1000(1+.022)^4=$1090.95, round at the end (raise the 1.022 to the 4th power then multiply by 1000).
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