You invest $1600 in an account paying 5% interest compounded daily. What is the account's effective annual yield? Assume 360 day
s in a year.
The account's effective annual yield is ___% (Round to two decimal places as needed)
1 answer:
Answer:
5.13%.
Step-by-step explanation:
Amount accumulated in 1 year
= 1600(1 + 0.05/360)^360
= $1682.03
Account's effective annual yield
= 82.03 * 100 / 1600 %
= 5.13%.
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