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A bank features a savings account that has an annual percentage rate of 4.7% with interest compounded semi-annually. What is the annual percentage yield (APY) for the savings account? The APY is Round to the nearest hundredth of a percent as needed and don't forget to include a percent sign, %, in your answer.

A bank features a savings account that has an annual percentage rate of 4.7% with interest compounded semi-annually. What is the annual percentage yield (APY) for the savings account? The APY is Round to the nearest hundredth of a percent as needed and don't forget to include a percent sign, %, in your answer.

Elementary Algebra
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.35TI: Find the percent increase. (Round to the nearest tenth of a percent.) In 2011, the IRS increased the...
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A bank features a savings account that has an annual percentage rate of 4.7% with interest compounded semi-annually. What is the annual percentage yield (APY) for the savings account? The APY is Round to the nearest hundredth of a percent as needed and don't forget to include a percent sign, %, in your answer.
Transcribed Image Text:A bank features a savings account that has an annual percentage rate of 4.7% with interest compounded semi-annually. What is the annual percentage yield (APY) for the savings account? The APY is Round to the nearest hundredth of a percent as needed and don't forget to include a percent sign, %, in your answer.
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