Asked by Fannie
You invest $3700 in an account paying 3.75% interest compounded daily. What is the account's effective annual yield? Round to the nearest hundredth of a percent.
Answers
Answered by
Steve
(1+.0375/365)^365 = 1.0382, or 3.82%
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.