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Jake has invested $24,000 in a savings account that is paying interest at 3% (stated rate), compounded semi-annually. a. What is the Annual Percentage Yield
Jake has invested $24,000 in a savings account that is paying interest at 3% (stated rate), compounded semi-annually. a. What is the Annual Percentage Yield (APY) that Jake is earning on his investment? (Round answer to 4 decimal places. e.g. 34.5678) b. If rates remain constant, how much will Jake have in his account at the end of 4 years? (Round answer to 2 decimal places. e.g.,34.56) c. What is the Average APY that Jake earns on his initial investment over the 4 year period? (Round answer to 4 decimal places. e.g., 34.5678) APY b. Amount in account c. Average APY
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