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QUESTION
A credit union's Rate-Climber GIC pays rates of 2%, 6%, and 8% compounded semiannually in successive years of a three-year term.
A credit union's Rate-Climber GIC pays rates of 2%, 6%, and 8% compounded semiannually in successive years of a three-year term. How much interest will be earned in the second year, if $18,000 is invested in this GIC?
