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
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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).
