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You are shopping around for different bank accounts and have found several different banking institutions offering different types of interest. Calculate the effective rate
You are shopping around for different bank accounts and have found several different banking institutions offering different types of interest. Calculate the effective rate of return (also known as the annual percentage yield (APY)) of each bank account. Hint: "E = (1 + )" - 1 (Enter your answers as a percentage rounded to 2 decimal places.) (a) Wesbanco offers an account 8.16 % interest compounded daily. APY = Number % (b) PNC offers an account with 8.12 % interest compounded weekly. APY = Number % (c) United Bank offers an account with 8.11 % interest compounded monthly. APY = Number % (d) BB&T offers an account with 8.21 % interest compounded quarterly. APY = Number % (e) Navy Federal offers an account with 8.24 % interest compounded semi-annually. APY = Number %
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a Wesbanco offers an account with 816 interest compounded daily This means that your interest is compounded every day and you earn interest on the int...Get Instant Access to Expert-Tailored Solutions
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