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Ralph Kramer invested $11,000 in a certificate of deposit for 1 year. The certificate earns interest at an annual rate of 6.75 percent compounded daily.

Ralph Kramer invested $11,000 in a certificate of deposit for 1 year. The certificate earns interest at an annual rate of 6.75 percent compounded daily. The amount per $1.00 is 1.069824 . What is the effective annual yield?

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