Ralph Kramer ingested $11,000 in a certificate of deposit for 1 year. The certificate earns interest at an annual rate of 5.75 p
1 answer:
Answer:
5.91%
Step-by-step explanation:
We are given an investment deposited fro 1 year compounded daily at an annual interest rate of 5.75%.
Compounding period per year, n: 365
The effective annual yield can be calculated by the following formula:
Effective Annual Yield =
where n = 365
Interest rate, r= 5.75% = 0.0575
= 0.059
The annual effective yield is 5.91%
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Step-by-step explanation:
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Step-by-step explanation:
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