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Find the annual percentage yield(APY) in the following situation. A bank offers an APR of 4.71 % compounded monthly. The annual percentage yield is ____%

Find the annual percentage yield(APY) in the following situation.

A bank offers an APR of 4.71% compounded monthly.

The annual percentage yield is ____%

(Do not round until the final answer. Then round to two decimal places asneeded.)

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