You have purchased a guaranteed investment contract gic, Financial Management

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You have purchased a guaranteed investment contract gic

You have purchased a guaranteed investment contract (GIC) from an insurance firm that promises to pay you a 6% compound rate of return per year for 6 years. If you pay $15,000 for the GIC today and receive no interest along the way, you will get __________ in 6 years (to the nearest dollar).

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Financial Management: You have purchased a guaranteed investment contract gic

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