Question: The Flagstar bank isn Michigan offered a 5 year certificate
The Flagstar bank isn Michigan offered a 5 year certificate of deposit (CD) at 4.38% interest compounded quarterly.* On the same day on the Internet, Principle Bank offered a 5 year CD at 4.37% interest compounded monthly. Find the APY (effective rate) for each CD. Which bank pays a higher APY?
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