Transcribed Image Text: On a $10,000 principal investment, a bank offered interest rates of 3,45% on 270- to 364-day GIC’s and 3.15% on 180- to 269-day GICS. How much more

Transcribed Image Text: On a $10,000 principal investment, a bank offered interest rates of 3,45% on 270- to 364-day GIC’s and 3.15% on 180-
to 269-day GICS. How much more will an investor earn from a 364-day GIIC than from two consecutive 182-day GICS?
Assume that the interest rate on 180- to 269-day GICS will be the same on the renewal date as it is today. Remmember
that both the principal and the interest from the first 182-day GIC can be invested in the second 182-day GIC.)

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