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3 years ago

14

Assume that an 18 month CD purchased for $7000 pays an APR of 3% come compounded monthly. What is the APY? ( round your answer t

o two decimal places.)

2 answers:

Tomtit [17]3 years ago

8 0

16 nothing no lo sé hijo

makkiz [27]3 years ago

5 0

Answer:

Step-by-step explanation:

APY=(1+r/12)^12-1

APY=(1+.03/12)^12-1

APY=(1+.0025)^12-1

APY=0.0304(100)

APY=3.04%

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