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In successive years it pays annual interest rates of 4%, 4.5%, 5%, 5.5%, and 6%, respectively, compounded at the end of eachyear.

The bank also offers regular five-year GICs paying a fixed rate of 5% compoundedannually.

Calculate and compare the maturity values of $1000 invested in each type ofGIC.

(Note that 5% is the average of the five successive one-year rates paid on the EscalatorGIC.

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