Short Answer
Al Safe deposited $15,000 at Q Bank at an interest rate of 16%, compounded quarterly. What was the effective rate (APY)? (round to nearest hundredth)
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16% / 4 = 4%, 4 periods; 1.169...View Answer
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Correct Answer:
Verified
16% / 4 = 4%, 4 periods; 1.169...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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