Question
Account Type Opening Deposit Rate(APR) APY Checking Variable Rate $0 0.25% 0.25% Money Market Variable Rate $250.00 1.00% 1.01% Summer Cash - Variable Rate $0
| Account Type | Opening Deposit | Rate(APR) | APY |
| Checking Variable Rate | $0 | 0.25% | 0.25% |
| Money Market Variable Rate | $250.00 | 1.00% | 1.01% |
| Summer Cash - Variable Rate | $0 | 0.99% | 1.00% |
| Holiday Cash Variable Rate | $0 | 0.75% | 0.75% |
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| 6 Months Fixed Rate | $250.00 | 1.00% | 1.00% |
| 12 Months Fixed Rate | $250.00 | 1.00% | 1.00% |
| 18 Months Fixed Rate | $250.00 | 1.00% | 1.00% |
| 24 Months Fixed Rate | $250.00 | 1.00% | 1.00% |
| 30 Months Fixed Rate | $250.00 | 1.00% | 1.00% |
| 36 Months Fixed Rate | $250.00 | 1.25% | 1.25% |
| 48 Months Fixed Rate | $250.00 | 1.50% | 1.50% |
| 60 Months Fixed Rate | $250.00 | 1.50% | 1.50% |
As we know the difference between APR and APY and how they are different. Look at the APR (rate) and APY for 12 month, 18 month, 24 month, 30 month, 36 month, 48 month, and 60 month CD. Work through and provide a written justification (In a complete sentence) for why the APR and APY are printed the same.
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Finance Introduction To Institutions Investments And Management
Authors: Ronald W. Melicher, Edgar A. Norton
12th Edition
0471675792, 9780471675792
