Question: Manuel, notes that the rate on a $5,000 CD deposited in ABC Bank earn 6% compounded daily Exact. XYZ Bank is offering 6.1% compounded semiannually

Manuel, notes that the rate on a $5,000 CD deposited in ABC Bank earn 6% compounded daily Exact. XYZ Bank is offering 6.1% compounded semiannually for the same $5,000 deposit. What is the effective rate or APY for each bank? ABC Bank APY___________% XYZ Bank APY___________%

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