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A bank pays interest at the nominal rate of 8 . 3 % per year. Find the following effective yields. Round your answers to two
A bank pays interest at the nominal rate of per year. Find the following effective yields.
Round your answers to two decimal places.
a The effective yield is when interest is compounded annually.
b The effective yield is when interest is compounded monthly.
c The effective yield is when interest is compounded continuously.
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