A certificate of deposit (CD) is an agreement between a bank and a saver in which the bank guarantees an interest rate and the saver commits to leaving his or her deposit in the account for an agreed-upon period of time.

First National Bank offers two-year CDs at 9.13% compounded daily, and Citywide Savings offers two-year CDs at 9.14% compounded quarterly. Compute the annual yield for each institution. (Round your answers to two decimal places.)

FNB	%
CS	%

Determine which is more advantageous for the consumer.

Answer rating: 100% (QA)

Answers FNB 9558 CS 914 ... View the full answer