Question
Find the effective rate (APY) for the year given principal = $8,000, interest rate = 6%, and compounded quarterly. Round to the nearest hundredth. Show
Find the effective rate (APY) for the year given principal = $8,000, interest rate = 6%, and compounded quarterly. Round to the nearest hundredth.
Show me how to do it mathematically and not with a calculator in Excel.
Step by Step Solution
3.44 Rating (154 Votes )
There are 3 Steps involved in it
Step: 1
To calculate the effective rate APY for the year with a principal of 8000 an interest ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Business Math
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
10th edition
133011208, 978-0321924308, 321924304, 978-0133011203
