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02-08-2020
Mathematics

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A savings account has a rate of 2.25% . Find the effective annual yield of interest is compounded quarterly

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mathmate mathmate

02-08-2020

Answer:

The effective yield is 2.269% to the thousandth.

Step-by-step explanation:

Effective annual yield compounded quarterly, given API

(1+API/4)^4 - 1

= (1+0.0225/4)^4 - 1

= 0.022691

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