Question 1157576
Calculate the how much you would end up with if you invested 35000 in a GIC at a rate of 3.6% per year, compounded quarterly for 2.5 years.
:
The compound interest formula
{{{A = p*(1+(r/n))^(t*n)}}}, where
A = the accumulated amt after t years
p = the principal amt
n = no. of interest payments per year
r = rate of interest in decimal form
t = time in yrs

{{{A = 35000*(1+(.036/4))^(2.5*4)}}}
{{{A = 35000*(1.009)^10}}}
use your calc 1.009^10
A = 35000*1.093734
A = $38,280.69