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Sylvia is planning an investment. Her annual combined Federal and provincial marginal tax rate is...

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Finance

Sylvia is planning an investment. Her annual combined Federal and provincial marginal tax rate is 32%. If she invests $1,000 every year for 3 years starAng today, how much a\er-tax income will she earn on her investment if interest is paid at a rate of 2.4%, compounded semi-annually? Her investment generates interest, which is fully taxable in the year it is earned.

a) $48.96

b) $49.43

c) $99.40

d) $110.10

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