Multiple Choice
Solve the problem.
-The State Employees' Credit Union offers a 1-year certificate of deposit with an APY (or effective rate) of 5.5%. If interest is compounded quarterly, find the actual interest rate. Round to the nearest tenth of a percent.
A) 5.4%
B) 6.4%
C) 5.1%
D) 5.6%
Correct Answer:
Verified
Correct Answer:
Verified
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