Question: Help 14 The annual interest rate r when compounded more than once a year, results in a slightly higher yearly interest rate. This is called

Help 14 The annual interest rate r when compounded more than

Help 14

The annual interest rate r when compounded more than once a year, results in a slightly higher yearly interest rate. This is called the annual (or effective) yield and denoted as Y. Find the annual yield as a percentage, given the annual interest rate and the compounding frequency. Y = (1 - = ) " - 1 Annual interest rate of 2.3%, compounded quarterly The effective annual yield is % (Type an integer or a decimal rounded to the nearest thousandth as needed.)

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