Question: Find the effective rate (APY) for the year given principal = $8,000, interest rate = 6%, and compounded quarterly. Round to the nearest hundredth. Show

Find the effective rate (APY) for the year given principal = $8,000, interest rate = 6%, and compounded quarterly. Round to the nearest hundredth.

Show me how to do it mathematically and not with a calculator in Excel.

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