Western Financial offers a three-year compound interest GIC earning rates of 0.5%, 0.75% and 1% in successive years. CIBC offers a similar GIC paying rates of 0.75%, 0.75% and.90% in successive years. For a $1,000 investment, which GIC will have the greater maturity value after five years? How much greater?
A)Western will offer an extra $1.53
B)CIBC will offer an extra $3.53
C)CIBC will offer an extra $2.45
D)CIBC will offer an extra $1.53
E)Western will offer an extra $1.98