Ahmed has 40 000 Egyptian
Pounds to invest. He wants
to split his money equally
betwee...
Mathematics, 12.09.2021 18:00 brittanygibson2812
Ahmed has 40 000 Egyptian
Pounds to invest. He wants
to split his money equally
between a savings account with
simple interest rate of 1.2%
paid annually and a two-year
guaranteed investment certificates
(GIC) with an interest rate of
3.5%, compounded monthly.
How long will he have to leave
the money in the savings account
so that it earns the same amount
as the GIC?
Answers: 3
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