SOLUTION: Todd wants to start a business in 3 years. He figures that he will need $10 000 to start. One bank offers a term deposit with interest at 7%., compounded semi- annually. Another ba

Question 1131499: Todd wants to start a business in 3 years. He figures that he will need $10 000 to start. One bank offers a term deposit with interest at 7%., compounded semi- annually. Another bank offers a GIC with interest at 12% compounded monthly. Which bank has the better offer for Todd to invest in? Explain.
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
7% semiannually, 3 years

12% monthly, 3 years

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