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Concept explainers
The annual interest rate r, when compounded more than once a year, results in a slightly higher yearly interest rate; this is called the annual (or effective) yield and denoted as Y. For example, $1000 deposited at 5%, compounded monthly for 1 yr (12 months), will have a value of
For Exercises 41-48, find the annual yield as a percentage, to two decimal places, given the annual interest rate and the compounding frequency.
Chris is considering two savings accounts: Sierra Savings offers 5%, compounded annually, on savings accounts, while Foothill Bank offers 4.88%, compounded weekly.
a. Find the annual yield for both accounts.
b. Which account has the higher annual yield?
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Chapter R Solutions
Calculus and Its Applications (11th Edition)
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- Algebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
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