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$1000 was invested into a GIC that returns 5% simple interest every year. If the GIC
matures in 4 years, what is the total value of the investment at maturity?
$1050
$1200
$200
$50

Respuesta :

MrRoyal

The total value of the investment at maturity is $1200

How to determine the total value after maturity?

The given parameters are

Principal, P = $1000

Rate, r = 5%

Time, t = 4 years

The total amount is calculated as:

A = P + PRT

So, as have

A = 1000 + 1000 * 5% * 4

Evaluate

A = 1200

Hence, the total value of the investment at maturity is $1200

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