Question
Asked Oct 27, 2019
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A passbook savings account has a rate of 6%. Find the effective annual yield if the interest is compounded daily. Assume 360 days in a year. (Round to the nearest tenth of a percent, if necessary. For example, 20.5%)

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Expert Answer

Step 1

To calculate the effective annual yield accrued by compound interest for the given data

Step 2

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