An account has a rate of 1.9%. Find the effective annual yield if the interest is compounded quarterly.

Mathematics

1 answer:

True [87]1 year ago

6 0

Answer:

1.914 %

Step-by-step explanation:

Compounded quarterly means 4 periods per year = n

interest in decimal form per period i = .019/4 = .00475

Formula

annual yield = ( 1+ i)^n -1

(1+ .00475)^4 -1 = .01914 = ~ 1.914%

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