Question

Upon amassing a fortune as a rock star, your uncle Zephaniah gives you $1 000 000. You decide to invest the whole lot into Canada Savings bonds (CSB's). The CSB's pay simple interest at a rate of 3.78% per year, and mature after fifteen years (that is, you have to cash them out after fifteen years).

Answer 1

P(1+rt)

Answer 2

P = Po + Po*r*t = 1,000,000 + 1,000,000*0.0378*15 =