Island Bank is advertising a special 1.55% APR for long-term CDs. Manny takes out a 1-year CD
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Island Bank is advertising a special 1.55% APR for long-term CDs. Manny takes out a 1-year CD for $40,000. The interest is compounded daily. Find the annual percentage yield for Manny’s account to the nearest hundredth of a percent.
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Answer 155 p Principal 40000 r In...View the full answer
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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