Question
Asked Jan 17, 2020
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What is the APY for money invested at each rate?
(A) 12% compounded monthly
(B) 11% compounded continuously
(A) APY =
% (Round to three decimal places as needed.)
% (Round to three decimal places as needed.)
(B) APY =
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What is the APY for money invested at each rate? (A) 12% compounded monthly (B) 11% compounded continuously (A) APY = % (Round to three decimal places as needed.) % (Round to three decimal places as needed.) (B) APY =

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Expert Answer

Step 1

The formula for APY is

Advanced Math homework question answer, step 1, image 1
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Step 2

a) Here, r=12%=0.12

n=12 ( compounded monthly).

Calculate APY.

Advanced Math homework question answer, step 2, image 1
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Step 3

b) Here, r=11%=0.11

n=365 ( compounded con...

Advanced Math homework question answer, step 3, image 1
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