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22-03-2021
Mathematics

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Assume that an 18 month CD purchased for $7000 pays an APR of 3% come compounded monthly. What is the APY? ( round your answer to two decimal places.)

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floriancastaneda929 floriancastaneda929

22-03-2021

16 nothing no lo sé hijo

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22-03-2021

Answer:

Step-by-step explanation:

APY=(1+r/12)^12-1

APY=(1+.03/12)^12-1

APY=(1+.0025)^12-1

APY=0.0304(100)

APY=3.04%

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