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Edward has invested $5,000 in a savings account that is paying interest at a 7% (stated rate), compounded quarterly. What is the Annual Percentage Yield

Edward has invested $5,000 in a savings account that is paying interest at a 7% (stated rate), compounded quarterly. What is the Annual Percentage Yield (APY) that Edward is earning on his investment? Multiple Choice 7.19% 7.05%% 7% 7.44%

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