We have a deposit of $2000 into an account that pays 6% compounded monthly, after a year we will have:
The effective annual yield (EAY) will be:
The EAY is 101.22%
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1 answer:
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First, square both sides. This will cancel out the radical.
(a^2 = b + 6)
Then subtract 6 from both sides
b = a^2 - 6
(a^2 = b + 6)
Then subtract 6 from both sides
b = a^2 - 6