A chartered bank offers a five-year Escalator Guaranteed Investment Certificate.In successive years it pays annual interest rates of 4%, 4.5%, 5%, 5.5%, and 6%, respectively, compounded at the end of each year. The bank also offers regular five-year GICs paying a fixed rate of 5% compounded annually. Calculate and compare the maturity values of $1000 invested in each type of GIC. (Note that 5% is the average of the five successive one-year rates paid on the Escalator GIC.)
Six friends A, B, C, D, E and F joined an institute in the year 1993 but on different days. Only E has joined after C and D. C joined immediately before A and immediately after B. F is not the first or the last person to join. D will not be in any corner. Who is the first person joining the Institute?