Solution Library

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.

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    Giuseppe

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