GTYT7502 GTYT7502

02-11-2020
Business

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A bank offers an annual percentage rate (APR) of 2.35%. You open a new account into which you deposit $2000. Question 1 0 / 1 point If the interest is compounded quarterly, find the account's effective annual yield

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ewomazinoade ewomazinoade

03-11-2020

Answer:

2.3708%

Explanation:

effective annual yield = ( 1 + r/m)^m - 1

r = interest rate

m = number of compounding

(1 + 0.0235/4)^4 - 1 = 0.023708

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