A passbook savings account has a rate of 8%. Find the effective annual yield, rounded to the nearest tenth of a percent, if the interest is compounded monthly. Click the icon to view some finance formulas. The effective annual yield is %. (Round to the nearest tenth as needed.) In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A=P(1+nr)ntP=(1+nr)ntAA=PertY=(1+nr)n1