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The stated interest rate of bank X is 8% per year. If Bank X compounds interest daily, the annual percentage yield (APY) for Bank X

The stated interest rate of bank X is 8% per year. If Bank X compounds interest daily,

the annual percentage yield (APY) for Bank X is

A. 8.24%

B. 8.32%

C. 8.48%

D. none of the above; the correct answer

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