Suppose you saw an advertisement in the newspaper for a financial planner who was recommending a certificate

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Suppose you saw an advertisement in the newspaper for a financial planner who was recommending a certificate of deposit that paid 4.5% interest compounded quarterly. In the fine print at the bottom of the advertisement, it stated that the APY on the CD was 4.58%. Was this advertisement accurate? Explain.


If necessary, round all dollar figures to the nearest cent and round percents to the nearest hundredth of a percent.

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A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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