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

Help The annual interest rate r, when compounded more than once

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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 + = )"- 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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