16. A client is confused about two terms on some certificate-of-deposit rates quoted at his bank in the United States. You explain that the stated annual interest rate is an annual rate that does not take into account compounding within a year. The rate his bank calls APY (annual percentage yield) is the effective annual rate taking into account compounding. The bank's customer service representative mentioned monthly compounding, with $1,000 becoming $1,061.68 at the end of a year. To prepare to explain the terms to your client, calculate the stated annual interest rate that the bank must be quoting