Multiple Choice
Therese made an investment of $1,000 into an account that pays a 10% annual interest rate which is compounded quarterly.At the end of the 12-month period,Therese earned $103.81 in interest on her $1,000 investment.She calculates her annual percentage yield (APY) to be 10.38%.This is an example of how interest is
A) compounded.
B) the same as the annual percentage rate (APR) .
C) effected by the annual percentage yield (APY) .
D) part of the truth in savings act.
Correct Answer:
Verified
Correct Answer:
Verified
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