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A savings account pays interest at an annual percentage rate of 2.4 %, compounded monthly. a) Find the annual percentage yield of this account. Write

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A savings account pays interest at an annual percentage rate of 2.4 %, compounded monthly. a) Find the annual percentage yield of this account. Write your answer as a percentage, correct to at least four decimal places. APY = b) How long will it take (in years) for an initial deposit of $1000 to grow to $1400? Round your answer to the nearest tenth of a year. years

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