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Find the effective rate (APY) for the year given the principal = $8,000, interest rate = 6% and compounded quarterly. Round to the nearest 100th.
Find the effective rate (APY) for the year given the principal = $8,000, interest rate = 6% and compounded quarterly. Round to the nearest 100th.
Show me how to do it mathematically and not with a calculator on excel.
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