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Justin Wishes to Invest $7000 in a 3-Year CD with an Interest

Question 331

Multiple Choice

Justin wishes to invest $7000 in a 3-year CD with an interest rate of 6.2% each year and compounded daily. What is the annual percentage yield for Justin's CD (rounded to the nearest hundredth) ?


A) 6.40%
B) 6.20%
C) 20.44%
D) 1.06%
E) 0.02%

Correct Answer:

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