Final answer:
The number of days between August 19, 2015, and February 8, 2016, is 174. The interest earned on the $270,000 GIC at a rate of 4 ¾% per annum for that period is $3,981.96.
Step-by-step explanation:
The question involves two parts: calculating the number of days between two dates and computing the interest earned on an investment over that period.
Number of Days
To calculate the number of days between August 19, 2015, and February 8, 2016, we need to count the days including the start date and excluding the end date. The result is a total of 174 days.
Interest Earned
The interest earned on a Guaranteed Investment Certificate (GIC) is calculated using the formula:
Interest = Principal × Rate × (Days / 365)
In this case, the principal is $270,000, the annual interest rate is 4 ¾% (or 0.0475 in decimal form), and the number of days is 174. Plugging these numbers into the formula, the interest earned is given by:
$270,000 × 0.0475 × (174 / 365) = $3,981.96
So, the GIC will earn $3,981.96 in interest over the period.