Question: 3. Understanding Annual Percentage Yield (APY). a. Explain why APR and APY are the same with annual compounding. b. Explain why APR and APY are

3. Understanding Annual Percentage Yield (APY). a. Explain why APR and

3. Understanding Annual Percentage Yield (APY). a. Explain why APR and APY are the same with annual compounding. b. Explain why APR and APY are different with daily compounding. c. Does APY depend on the starting principal, P? Why or why not

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